Q No. 05: a): Moon Star (Pvt) Ltd. which is an active tax payer company, provides(05)following details for the year ended 30th June, 2020;64,505,650/-21,150,000/-1,510,000/-1,200,000/-4,870,339/-2,500,000/-1,475,000/-500,000/-3,250,000/-Income from Property rented out..Income from Business..Income from Dividend....Insurance premium paid on property.Rent Collection ChargesRental Income paid to HBFCGround Rent paidMunicipal tax paidUnrealized RentCalculate the total income and tax payable by the company.Note:1. Consider tax rate for income from property and business @ 29% and for dividend 15%2. Advance tax withheld @ 15% of gross tax by tenant.3. Company has made all possible efforts but failed to collect the amount which is nowclaimed as unrealized rent.o o

Given, Tax rate on income from house property and business = 29%

Q No. 05: a): Moon Star (Pvt) Ltd. which is an active tax payer company, provides (05) following details for the year ended 30th June, 2020; o Income from Property rented out.. Income from Business.. o Income from Dividend. Insurance premium paid on property.. Rent Collection Charges Rental Income paid to HBFC Ground Rent paid o Municipal tax paid 64,505,650/- 21,150,000/- 1,510,000/- 1,200,000/- 4,870,339/- 2,500,000/- 1,475,000/- 500,000/- 3,250,000/- Unrealized Rent Calculate the total income and tax payable by the company. Note: 1. Consider tax rate for income from property and business @ 29% and for dividend 15% 2. Advance tax withheld @ 15% of gross tax by tenant. 3. Company has made all possible efforts but failed to collect the amount which is now claimed as unrealized rent.

Q No. 05: a): Moon Star (Pvt) Ltd. which is an active tax payer company, provides (05) following details for the year ended 30th June, 2020; o Income from Property rented out.. Income from Business.. o Income from Dividend. Insurance premium paid on property.. Rent Collection Charges Rental Income paid to HBFC Ground Rent paid o Municipal tax paid 64,505,650/- 21,150,000/- 1,510,000/- 1,200,000/- 4,870,339/- 2,500,000/- 1,475,000/- 500,000/- 3,250,000/- Unrealized Rent Calculate the total income and tax payable by the company. Note: 1. Consider tax rate for income from property and business @ 29% and for dividend 15% 2. Advance tax withheld @ 15% of gross tax by tenant. 3. Company has made all possible efforts but failed to collect the amount which is now claimed as unrealized rent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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