Mr.Ofori, a self-employed single parent with two children attending a private University in Ghana trades...
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Accounting
Mr.Ofori, a self-employed single parent with two children attending a private
University in Ghana trades as Ofori Enterprise. He commenced business on 1st January 2022 and submitted the following extracts of his financial statements for the year ended 2022.
GH GH
Gross Profit b/d 20,420
Interest on savings account 2,020
| Gifts received | 1,500 |
| Interest on treasury bills Auditors fees 800 Depreciation of assets 1,200 Computers purchased 2,500 PAYE paid on his personal salary 450 Employee social security contribution (other staff) 396 Office rent 2,400 Personal salary (net) 7, 200 | 790 |
| Other staff wages 4,300 Stationery 852 Vehicle purchased for CEOs personal use 18,000 Transport 1,300 |
|
|
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Net Loss (14,668) _______
Total 24,730 24,730
Required:
a) Determine the Chargeable Income of Mr. Ofori for 2022 year of Assessment.
b) Support your computations with relevant explanations
c) Compute all Taxes payable
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