Advanced-Taxation-accounting-homework-help

FK Insurance Brokers Limited was incorporated on 1 July 2004.  The Managing Director has kept all his transaction vouchers in good order and also maintains proper registers for the premiums received, premiums paid, commissions received, etc.  He has approached you to advise him on the tax payable for the eighteen months ended on 31 December 2005.  From your detailed enquiry you have obtained the following information:

	Sh.
Premiums received from clients Premiums paid to insurance companies Commissions received (Net) Rent paid Salaries and wages Subscriptions to the Insurance Institute Withholding Tax Paid Instalment Tax paid in September 2005 Donations Annual charges by Commissioner of Insurance Bank charges Bank interest earned Income from Bearer and Treasury Bonds Depreciation   Office stationery   Office maintenance   Equipment purchases   Auditors remuneration   Directors fees   Entertainment   Business travel   Provision for bad debts:   Specific   General   Architects fees on office partitioning	30,000,000 25,000,000 8,500,000 422,440 979,980 6,500 1,500,000 1,125,000 50,000 15,000 3,336 8,972 965,000 223,500 123,400 97,000 92,000 100,000 108,000 180,000 68,000 45,000 50,000 55,000
NB:  Wear and Tear allowances as agreed with the   Commissioner for Income Tax (for 2005)	232,500

Required:

(a)  Compute the Profit chargeable to Income Tax for the 18 months ended 31 December 2005.

  (12 marks)

(b)  Show tax payable and the dates payable.  (  4 marks)

(c)  Explain why you may not have used all the information provided to you.  (  4 marks)

 

 

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