Answer Happy

Question 2 ENAPA Manufacturing Company Limited commenced business on 1st March, 2016 making accounts to 31st December each year. The following assets were acquired for use in the business: Asset Date of Acquisition Cost in GH¢ Industrial Building 15/10/2015 2,500,000.00 Plant & Machinery 20/11/2015 1,600,000.00 Computers 03/01/2016 80,000.00 Office Equipment 10/01/2016 138,000.00 Motor Van 15/02/2016| 220,000.00 Toyota Saloon Car 30/09/2016 180,000.00 The following additional assets were acquired by the company in 2018 year of assessment. Computers and accessories - GH¢105,000.00 Office Equipment GH¢78,000.00 On 30th November, 2018, the Toyota Saloon Car was involved in an accident and completely destroyed. The company received a compensation of GH¢120,000.00 from the insurer. The following accounts were submitted by the company at the Legon District Office of the Ghana Revenue Authority for the first three years of assessment. Period to 31/12/2016 GH¢600,000.00 (profit) Year to 31/12/2017 GH¢1,500,000.00(profit) Year to 31/12/2018 GH¢2,680,000.00 (profit) Required: Compute the capital allowance and the assessable income of the company for the relevant years of assessment. (15 marks) Rate of Capital Allowance Pool 1 40% Pool 2 30% Pool 3 20% Pool 4 10%