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    The Professionals' Academy of Commerce Gujranwala Campus Class Test Module C

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    Saad Hassan
    The document provides details of a partnership firm's profit and loss account for tax year ended June 30, 200A. It lists deductions made in preparing financial statements including income tax, tax collected by customers, salaries paid to employees and partners, interest paid to a partner, donations, depreciation, and perquisites paid. The question asks to calculate the firm's taxable income considering tax depreciation of Rs. 45,000 and provide reasons for calculations.

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    The Professionals' Academy of Commerce Gujranwala Campus Class Test Module C

    Uploaded by

    Saad Hassan
    20 views1 page
    The document provides details of a partnership firm's profit and loss account for tax year ended June 30, 200A. It lists deductions made in preparing financial statements including income tax, tax collected by customers, salaries paid to employees and partners, interest paid to a partner, donations, depreciation, and perquisites paid. The question asks to calculate the firm's taxable income considering tax depreciation of Rs. 45,000 and provide reasons for calculations.

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    The document provides details of a partnership firm's profit and loss account for tax year ended June 30, 200A. It lists deductions made in preparing financial statements including income tax, tax collected by customers, salaries paid to employees and partners, interest paid to a partner, donations, depreciation, and perquisites paid. The question asks to calculate the firm's taxable income considering tax depreciation of Rs. 45,000 and provide reasons for calculations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    20 views1 page

    The Professionals' Academy of Commerce Gujranwala Campus Class Test Module C

    Uploaded by

    Saad Hassan
    The document provides details of a partnership firm's profit and loss account for tax year ended June 30, 200A. It lists deductions made in preparing financial statements including income tax, tax collected by customers, salaries paid to employees and partners, interest paid to a partner, donations, depreciation, and perquisites paid. The question asks to calculate the firm's taxable income considering tax depreciation of Rs. 45,000 and provide reasons for calculations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    The Professionals Academy of Commerce Gujranwala Campus Class Test Module C

    Taxation Total Marks= 15 Question: April 25, 2012 Time:25 mins

    ABC & Company is a partnership firm. For the tax year ended on 30 th June 200A the firm showed a net profit of Rs. 400,000. The scrutiny of the Profit & Loss account revealed that the following deductions were also made while preparing the financial statement: Sr# Transactions Rs. 1 Income tax for previous year 30,000 2 Tax at source deducted by customers 15,000 3 Salary paid to an employee without deduction of tax 200,000 4 Salary paid to partner A 60,000 5 Interest paid to partner B 5,000 6 Salary paid to an employee for one month through cash 20,000 (Tax at source was deducted) 7 Contribution to unrecognized fund 30,000 8 Donations to unapproved institutions 10,000 9 Donations to approved institutions 20,000 10 Manager of the firm was paid following amounts: 130,000 (a) Salary amounting to Rs. 80,000 (b) perquisites and allowances amounting to Rs. 50,000 11 Accounting depreciation 55,000 Required: Compute the taxable income of the firm considering that tax depreciation comes to Rs. 45,000. Also give suitable reasons for your calculations (15)

    Wishing you best of luck

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