Below is the Profit or Loss Accounts of Osu Mart Ltd, a manufacturing company in Accra for the year ended 31st December, 2014 submitted to the Commissioner of Domestic Tax Revenue Division of the Ghana Revenue Authority on 30th April, 2015.
vi) Capital Allowance is agreed as GH¢65,240
Required:
a) Compute the chargeable income of the company for 2014 Year of Assessment. (18 marks)
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b) State the significance of the Auditor’s Certificate to Examination of Accounts. (2 marks)
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- It indicates the quality of the accounts to the examiner, whether proper books have been kept and therefore acceptable.
- It is required on a tax return certifying that all information to the Commissioner-General is complete and accurate and can be provided as evidence that can be tendered in court.