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
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
Answer & Explanation
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