Shiva & Sons Limited Commenced business on 1st March 2014 making his accounts to coincide with...

Shiva & Sons Limited Commenced business on 1st March 2014 making his accounts to coincide with that of the government . The following assets were bought and used in the business Assets Date of Purchase Amount GHS Plant and machinery 30/04/2014 120,000 Motor Vehicle: Toyota (GT 4002-16) 29/12/2014 90,0000 2 Computers 11/08/2014 50,000 Furniture and Fittings 15/03/2014 40,000 Office Buildings 03/02/2014 150,000 Assets Date of Purchase Amount Motor Vehicle : BMW (UT 366-16) 06/05/2015 350,000 Addition of Building 15/01/2015 80,000 Car Number GT 4002 -16 used by General Manager was sold to him for GHS 15,000 on 25/03/2016 and also replaced the engine with the cost of BMW (GT 366 -16) at a cost of GHS 10,500 with written down value of GHS 120,000 Profits declared up to 31/12/2014 were as follows: GHS Period to 31/12/2014 105,000 Year to 31/12/2015 190,000 Year to 31/12/2016 165,000 You are required to determine the chargeable income of the company for the relevant years.

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ekkarill92 answered 2 years ago

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