Valentine Ghana Limited is a producer of love greeting cards and the following was extracted from its financial statements for the year ended 31 December, 2018.
The following additional information are relevant:
i) Capital allowances for the year was GH¢204,000 as agreed with Ghana Revenue Authority (GRA).
ii) The figures for repairs and maintenance include an amount of GH¢33,150 being cost of erecting a new gate to the factory.
iii) 50% of other income was the personal rental income of the Managing Director.
iv) One third of vehicle running expenses was expended on the personal car of the Managing Director, used for the company’s operation based on the company’s policy.
Required:
Calculate the chargeable income of Valentine Ghana Limited for 2018 Year of Assessment. (8 marks)
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