on was reported for the year end 30th June 2020 Property location Monthly rent per unit Monthly expenses per unit No. of units Plot 7 Nasser road 400,000 151,000 6 Plot 6 Jinja road 350,000 172,000 4 Plot 7 Wilson road 200,000 62,000 3 Plot 4 William street 250,000 76,000 8 During the year, the following transactions took place; - 2 units in Plot 4 William Street were vacated for three months. A donation from rents of shs. 600,000/= was made to Glad foundation, which takes care of street children.
on was reported for the year end 30th June 2020 Property location Monthly rent per unit Monthly expenses per unit No. of units Plot 7 Nasser road 400,000 151,000 6 Plot 6 Jinja road 350,000 172,000 4 Plot 7 Wilson road 200,000 62,000 3 Plot 4 William street 250,000 76,000 8 During the year, the following transactions took place; - 2 units in Plot 4 William Street were vacated for three months. A donation from rents of shs. 600,000/= was made to Glad foundation, which takes care of street children.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 63BE: Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account...
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Matendo Properties Ltd owns the following residential houses rented out to various persons. T he following information was reported for the year end 30th June 2020
Property location |
Monthly rent per unit |
Monthly expenses per unit |
No. of units |
Plot 7 Nasser road |
400,000 |
151,000 |
6 |
Plot 6 Jinja road |
350,000 |
172,000 |
4 |
Plot 7 Wilson road |
200,000 |
62,000 |
3 |
Plot 4 William street |
250,000 |
76,000 |
8 |
During the year, the following transactions took place; -
- 2 units in Plot 4 William Street were vacated for three months.
- A donation from rents of shs. 600,000/= was made to Glad foundation, which takes care of street children.
- Security costs of shs. 500,000/= for the property for the year was not included in the total expenses for the year.
- Provisional tax payment of 2 installments each shs. 156,000 had been made.
Required:
(a) Compute Matendo Properties Ltd taxabl e income and tax liability for the year ended 30th June 2020.
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