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You have been engaged as a tax consultant by Mavuno Bank Ltd. The bank has provided the following details in respect of its operations and balances for the year ended 31 December 2011Required;-i) A statement of adjusted taxable profit or loss for the year ended 31 December 2011.ii) Tax liability of the bank, if any.iii) Identify any further details that you might require from the bank's management in order to determine the accuracy of your computations in (i) and (ii) above.
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Samuel and Velom have been operating Savel Enterprises, a partnership business from January 2010 sharing profits and losses equally. The following was the firm's income statement for the year ended 31 December 2011:Income statement for Savel Entreprises for the year ended 31 December 2011.Required:i) Savel Enterprises' taxable profit or loss for the six-month period ended 30 June 2011.ii) Allocation of the profit or loss in (i) above to the partners.iii) Savel Ltd.'s taxable profit or loss for the six-month period ended 3 I December 2011
Date posted: February 25, 2019 . Answers (1)