Given is the summarized statement of cash pertaining to Doctor, Abhinay for the previous income year. Receipts Amount Payments Amount To Balance b/d…
BBS Taxation in Nepal · 2082 · Solved Question with Answer
Given is the summarized statement of cash pertaining to Doctor, Abhinay for the previous income year.
| Receipts | Amount | Payments | Amount |
| To Balance b/d - | By Office rent paid | 50,000 | |
| Cash in hand | 50,000 | ||
| Cash at Bank | 200,000 | By Purchased of computer on Falgun | 90,000 |
| To Patient examination fees | 850,000 | By Telephone & communication expenses | 30,000 |
| To Patients counselling fees | 300,000 | By Salary to assistants | 200,000 |
| To Consultation fees after TDS | 170,000 | By Life insurance premium (Own) | 50,000 |
| To Dividend received | 40,000 | By Research and development | 80,000 |
| To Interest on investment | 120,000 | By Other office expenses | 120,000 |
| To Lottery income received | 30,000 | By Water/Electricity expenses | 30,000 |
| To Other professional incomes | 70,000 | By Refreshment & hospitality expenses | 20,000 |
| To Visiting fees | 100,000 | By Insurance premium of office | 15,000 |
| To Salary received from part time lecturer at NAME institute | 170,000 | By Donation paid | 50,000 |
| By Balance c/d | 1,365,000 | ||
| Total | 2,100,000 | Total | 2,100,000 |
Further information:
a. Other professional incomes includes: i. Bad debt recovered Rs.10,000 which not allowed in previous year.
ii. Income from pathological test Rs. 50,000
iii. Gifts received from patients Rs. 10,000
b. Water/electricity expenses are used equally for professional and personal purpose.
c. Outstanding office salary Rs. 30,000 is yet to be paid.
d. Visiting fees includes Rs. 2,000 relating to three years ago professional income.
e. Advance consultation fees Rs. 50,000 is not shown in above receipts account.
Required: a. Assessable (Net) income from profession
b. Statement of taxable income
c. Tax liability
