Father Bernard, a self-employed married man with two children who both attend private Universities in Ghana trades as Father Bernard Enterprise. He commenced business on 1st January 2022 and submitted the following extracts of his financial statements for the year ended 2022. Gross Profit b/d Interest on Savings Account Gifts received Interest on Treasury Bills Auditors Fees Depreciation of assets Computers purchased PAYE paid on his Personal Salary SSF Contribution (Other Staff) Office Rent Personal salary (Net) Penalties and Fines Vehicle purchased for company use Vehicle purchased for CEO's use Transport Net Loss GHS GHS 157,000 20,200 1,500 7,900 8,000 12,000 25,000 4,500 3,960 24,000 72,000 4,300 18,000 18,000 13,000 - 16,160 186,600 186,600

Father Bernard, a self-employed married man with two children who both attend private Universities in Ghana trades as Father Bernard Enterprise. He commenced business on 1st January 2022 and submitted the following extracts of his financial statements for the year ended 2022. Gross Profit b/d Interest on Savings Account Gifts received Interest on Treasury Bills Auditors Fees Depreciation of assets Computers purchased PAYE paid on his Personal Salary SSF Contribution (Other Staff) Office Rent Personal salary (Net) Penalties and Fines Vehicle purchased for company use Vehicle purchased for CEO's use Transport Net Loss GHS GHS 157,000 20,200 1,500 7,900 8,000 12,000 25,000 4,500 3,960 24,000 72,000 4,300 18,000 18,000 13,000 - 16,160 186,600 186,600

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 34P

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