1. Personal identification numbers (PIN) of all the employees.
2. Gross amount paid to each employer
3. Nature of payment and the period to which it relates.
4. Amount of tax deducted and paid
5. Employee's last date of service
6. Employee‘s rate of earning per month /per annum for the period immediately prior to termination of employment
Wilfykil answered the question on February 15, 2019 at 05:26
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Limo Limited prepares its accounts to 31 December each year. The company‘s trading profit and loss account for the year ended 31 December 2007 is presented below
Determine:
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iii) Tax liability (if any) from the profit (or loss) computed in (ii) above
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(b) Adjusted taxable profit for the company
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Capital allowances due to Sawira Limited for each of...(Solved)
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Compute for Faza Ltd. for the...(Solved)
Faza Ltd. a large scale manufacturing company, has provided you with the following information for the year ended 31December 2010
Compute for Faza Ltd. for the year ended 31 December 2010:
(i) Capital allowances.
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Compute for Heshima Ltd. for the year ended 31 ended 2011
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ii)...(Solved)
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- Turbo Mining Company Ltd started prospecting for minerals in Turkana in year 2008. Expenditure relating to research, testing and winning access to minerals amounted...(Solved)
Turbo Mining Company Ltd started prospecting for minerals in Turkana in year 2008. Expenditure relating to research, testing and winning access to minerals amounted to Sh.48 million.
The company paid Sh. 124 million to the government to acquire the rights over the minerals and shs.180 million for purchase of land.
The following assets were constructed or purchased during the year 2009:
1. Labour quarters were constructed at a cost of Sh. 15 million.
2. Senior manager's house was constructed on the site at a cost of Sh.6 million.
3. The director's house was acquired at a nearby trading centre at a cost of Sh.9 million.
4. Specialised processing machineries for mining were acquired at a cost of Sh.860 million.
5. Computers were purchased at a cost of Sh.0.72 million.
6. A forklift was acquired at a cost of Sh.4.5 million.
7. A saloon car for the general manager was purchased at a cost of Sh.3 million.
8. Office furniture was acquired at a cost of Sh. 1.5 million.
9. An aircraft was acquired for Sh. 144 million.
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Date posted: February 14, 2019. Answers (1)
- Mirichu Ltd. processes milk for sale in the local market.The company started its operations on 1 January 2012 after constructing two factory building at a...(Solved)
Mirichu Ltd. processes milk for sale in the local market.The company started its operations on 1 January 2012 after constructing two factory building at a cost of Sh.9 million each. Other assets acquired by the company on commencement of its operations included
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a) The capital allowances due to Mirichu Ltd. for the year ended 31 December 2012.
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c) The tax- payable, if any, for the year ended 31 December 2012.
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Determine Capital allowances due to Jawabu Ltd....(Solved)
Jawabu Ltd. commenced its operations on 1 January 2011 after obtaining a licence to manufacture leather bags for export.
The following information relates to the company's operations for the financial years ended 31 December 2011 and 2012:
Determine Capital allowances due to Jawabu Ltd. for each of the two years ended 31 December 2011 and 2012.
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The following assets were constructed or purchased during the year 2012:
1. Two graders were purchased at a total cost of Sh.16, 000,000.
2. A forklift was acquired at a cost of Sh.6, 000,000.
3. A store was constructed at a cost of Sh.36, 000,000
4. Office furniture was acquired at a cost of Sh.2, 400,000.
5. Labor quarters were constructed at a cost of Sh.42, 000,000.
6. Ten Lorries (5 tonnes each) were acquired at a total cost of Sh.30, 000,000.
7. Specialized processing machines for mining were acquired at a cost of Sh.960, 000,000.
8. A staff clinic was constructed at a cost of Sh.12, 000,000 .
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10. A ship (600 tonnes) was acquired at a cost of Sh.450, 000,000.
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Maina, Otieno and Korir are in a partnership trading as Moko enterprises and sharing profits and losses in the ratio of 2:2:1 respectively
The following income statements was prepared by the partnership for the year ended 31 December 2007
Determine:
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ii. A schedule showing the taxable income of each partner for the year ended December 2007
Date posted: February 14, 2019. Answers (1)
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Mr. Ayub Simuyu has provided the...(Solved)
Mr. Ayub Simuyu is a senior manager with Lipa Enterprises limited. He is based at the company‘s headquarters in Nairobi
Mr. Ayub Simuyu has provided the following information on his employment and other income for the year ended 31 December 2007
Determine:
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ii. Tax payable on the income computed in (i) above
Date posted: February 14, 2019. Answers (1)
- Basuba Estate Management Company (BEMC) limited manages rental properties on behalf of its clients (landlords).
The company also carries on the business of cleaning properties for...(Solved)
Basuba Estate Management Company (BEMC) limited manages rental properties on behalf of its clients (landlords).
The company also carries on the business of cleaning properties for other owners at a fee. In additions, the company has invested in shares and fixed deposit accounts with banks.
The following details were extracted from the records of the company for the year ended 31 December 2007:
Determine:
i. Taxable profit or loss of BEMC limited for the year ended 31 December 2007
ii. Tax liability (if any) accruing from the profit or loss computed in (i) above
iii. State the dates when the company would be required to pay the tax liability (or claim a refund)
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