Gold Consulting Company Co., Ltd is a new service company incorporated in Cambodia in 2015. Under the tax regulations, Gold Consulting Company Co., Ltd is required to calculate and pay annual Tax on Profit.
Gold Consulting Company Co., Ltd is subject to profit tax rate of 20%.
Financial statements of Gold Consulting Company Co., Ltd are as follows.
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Gold Consulting Company Co., Ltd |
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Profit and Loss Statement |
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From January to December, 2015 |
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| Revenue from service | 33,176 | |||
| Total Expenses: | ||||
| Salaries expenses | 42,438 | |||
| Fuel, gas, electricity and water expenses | 168 | |||
| Rental expenses | 2,606 | |||
| Repair and maintenance expenses | 394 | |||
| Other taxes expense | 1,170 | |||
| Management and other similar services expense | 134,034 | |||
| Depreciation expense (note 1) | 6,125 | |||
| Other expenses ( note 2) | 42,101 | |||
| 229,036 | ||||
| Income before tax | (195,860) | |||
| Tax on Profit (Prepayment of 1%) | (334) | |||
| Net Income | (196,194) | |||
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Gold Consulting Company Co., Ltd |
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Balance Sheet |
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From January to December, 2015 |
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| Assets | |||||
| Current Assets | |||||
| Cash on hand and in banks | 10,095 | ||||
| Value added tax credit | 12,150 | ||||
| 22,245 | |||||
| Fixed Assets | |||||
| Cost of Computer | 656 | ||||
| Cost of Furniture and equipment | 7,400 | ||||
| Cost of Other Non-Current Assets | 19,737 | ||||
| Accumulated Depreciation of Fixed Assets ( note 3) | (6,125) | ||||
| 21,668 | |||||
| Total Assets | 43,912 | ||||
| Liability | |||||
| Current Liabilities | |||||
| Taxes payable | 637 | ||||
| Non-current Liabilities | |||||
| Loan from related parties | 229,375 | ||||
| Total Liability | 230,012 | ||||
| Equity | |||||
| Capital | 10,095 | ||||
| Net Income/(loss) | (196,194) | ||||
| Total Equity | (186,099) | ||||
| Total Liability and Equity | 43,912 | ||||
Note:
- Depreciation expense is complied with accounting policy
- Other expenses are included issues as follows:
- Entertainment expenses of $623
- Fines and other penalties from tax admin of $160
- Some expenses of $2,807 are expense with accounting policy, but tax admin requires these expenses are excluded
3. Accumulated Depreciations for the following fixed assets:
- Computer of $328
- Furniture and equipment of $1,850
- Other Non-Current Assets of $3,947
Required:
Declare tax on profit and complete financial figures accordance with tax form requirement from page 3/16 to 13/16.
Please take the following notes:
- Because cost of services supplied (B 5.1) is difficult to classify which costs are direct expenses related with services earned from customers, so company decided to ignore B 5.1.
- You may calculate tax depreciation.