Mr. Mango is the major shareholder (with 90% of the shares) and the managing director of XYZ Ltd. i) XYZ ltd. had paid a
Posted: Mon May 02, 2022 9:17 am
Mr. Mango is the major shareholder (with 90% of the shares) and
the managing director of XYZ Ltd.
i) XYZ ltd. had paid a tax of Ksh. 100,000 in the year 2019. For
the financial year ending December 2020, they have budgeted for a
net profit of of Ksh. 500,000. Calculate the installment tax
for XYZ payable for the year 2020. Answer. (1 mk)
The following information was extracted from the books of XYZ
Ltd. for the financial year ended 31 December 2020.
Additional information:
You have been asked to prepare an income statement which will be
used for tax computation. Calculate the income statement amounts
applicable (for tax computation purposes) for each of the following
items (all amounts in Ksh.):
Hence or otherwise, calculate the taxable payable by XYZ
ltd. Answer. (1 mk)
Assuming XYZ limited remitted installment tax as calculated in
part (i), calculate the tax liability or asset for xyz ltd. A
tax AnswerAssetLiability (1 mk) of
Ksh. Answer. (1 mk)
the managing director of XYZ Ltd.
i) XYZ ltd. had paid a tax of Ksh. 100,000 in the year 2019. For
the financial year ending December 2020, they have budgeted for a
net profit of of Ksh. 500,000. Calculate the installment tax
for XYZ payable for the year 2020. Answer. (1 mk)
The following information was extracted from the books of XYZ
Ltd. for the financial year ended 31 December 2020.
Additional information:
You have been asked to prepare an income statement which will be
used for tax computation. Calculate the income statement amounts
applicable (for tax computation purposes) for each of the following
items (all amounts in Ksh.):
Hence or otherwise, calculate the taxable payable by XYZ
ltd. Answer. (1 mk)
Assuming XYZ limited remitted installment tax as calculated in
part (i), calculate the tax liability or asset for xyz ltd. A
tax AnswerAssetLiability (1 mk) of
Ksh. Answer. (1 mk)