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Practical Question 5- Tax On Profit for Trading Company

 

Top Trading Group Co.,Ltd is merchandising company, and company has two major products.

Under the tax regulations, Top Trading Group Co.,Ltd is required to calculate and pay annual Tax on Profit. The following extracts of transactions for financial statement in relation to the tax year ended 31 December 2016.

The assumptions for company are as follows:

  • Net profit/(Loss) after adjustments (E35) is of $ 17,050
  • Top Trading Group Co.,Ltd donated $1,000 to theCambodian Red Cross (CRC)  and $200 for homeless people.
  • Interest expenses and interest incomes are of $ 1,600 and $1,200 respectively.

Required:

 Prepare the following issues which are completed and complied with tax form requirement:

  1. Charitable Contribution Calculation Table ( from F1 to F6 if any)
  2. Non-deductible charitable contribution expenses (E36)
  3. Adjusted profit/(loss) before interest adjustment (E37)
  4. Interest Expense Calculation Table ( from G1 to G12 if any)
  5. Adjusted interest expense (E38)
  6. Net taxable profit/(loss) during the period (E39)

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