(a) Following are the details of the fixed assets of proprietorship organization: Particulars Block C Block D Beginning WDV 1,000,000 1,000,000 New…
BBS Taxation in Nepal · 2082 · Solved Question with Answer
(a) Following are the details of the fixed assets of proprietorship organization:
| Particulars | Block C | Block D |
| Beginning WDV | 1,000,000 | 1,000,000 |
| New addition during the year: | ||
| Toyota Car purchased on 21st Mangsir | 400,000 | |
| Purchase of plant on 20th Chaitra | 180,000 | |
| Second hand Maruti car purchased on 15th Baishakh | 600,000 | |
| Repairs and maintenance during the year | 80,000 | 80,000 |
| Disposal of the parts of plant and machinery written down value Rs. 150,000 disposed of Rs. 120,000 |
Required:
a. Allowable repairs and depreciation
b. Written down value of fixed assets at the end of fiscal year.
(b) Following are the profit and loss position of a trader for the previous income year:
| Years | Profit or (Loss) |
| 1 | (260,000) |
| 2 | (140,000) |
| 3 | (50,000) |
| 4 | (50,000) |
| 5 | 100,000 |
| 6 | (50,000) |
| 7 | 120,000 |
| 8 | 110,000 |
| 9 | 800,000 |
a. On scrutiny, it revealed that profit of 6th year was derived after deducting donation Rs. 50,000 to tax exempt entity.
Required: Taxable income of the firm giving explanation wherever necessary.