FIN623

THE ONE YOU HAVE WAS ALSO MADE BY ME AND NOW SEE THIS I HAVE DONE SOME AMENDMENTS BECAUSE A KIND FRIEND DRAW MY ATTENTION TO THE SEC 21 REGARDING DEDUCTIONS SO I CHANGED IT A BIT NOW I HAVE MADE THIS ONE PLEASE SEE AND COMMENT AND DO REPLY I HAVE NOT YET POSTED OK.
Tax Payer: National Co ltd

Residential Status: Resident Company

Revenue Account as Submitted by Co.
Tax Year: 2009

NTN: 00000
Administration Expenses

1,372,000.00
Gross Profit
4,602,000.00
Rents and rates
87,000.00
Dividend
47,500.00
Auditor’s Fee
34,000.00
Bad debts recovered
4,000.00
Bad debts
11,000.00
Income tax refund
14,000.00
Contribution to Provident Fund
72,800.00
Depreciation
190,000.00
Fire insurance premium
48,000.00
Interest on long-term loans
247,500.00
Legal charges
93,700.00
Reserve for taxation
393,000.00
Stationary expenses
40,000.00
Underwriting commission
14,500.00
Vehicles repairs & maintenance
188,200.00
Net profit
1,875,800.00
4,667,500.00
4,667,500.00
Computation of tax payable
Net profit as computed by company
1,875,800.00
Bad debts recovered allowed
(4,000.00)
Custom duty paid
(36,000.00)
Contribution to Provident Fund
(72,800.00)
Additions by Taxation Officer on account of inadmissible expenses:
Depreciation
190,000.00
Legal charges
93,700.00
Bad debts unaccepted (11000-8000)
3,000.00
Taxable income
2,049,700.00
tax payable . 35%
717,395.00
If any one have the solution or have done part of it please share so we can discuss further. i have received a bit of solution from previous mail thread but i have still doubts though person posting also was not sure, here it is:

Tax Payer:National Co ltd
Resident Company
Revenue Account as Submitted by Co.Tax Year: 2009
NTN: 00000
Computation of tax payable
Net profit as computed by company 1,875,800.00
Less income tax refund (14,000.00)
Bad debts recovered allowed (4,000.00)
Custom duty paid (36,000.00)
Contribution to Provident Fund (72,800.00)
Additions by Taxation Officer on account of inadmissible expenses:
Depreciation 190,000.00
Legal charges 93,700.00
Bad debts accepted 8,000.00
taxible income 2,040,700.00
tax payable =2040700*0.35 714,245.00