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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume all assets were purchased at cost at the beginning of the accounting period Required
Determine the Chargeable Income of Father Bernard for 2022 year of Assessment
Transcribed Image Text: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
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