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    Admissible and Inadmissible Expenses Solution

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    allogy
    The document contains the solutions to multiple choice and true/false questions about admissible and inadmissible expenses for income tax. It lists various expenses as admissible or inadmissible. It also contains a table showing whether expense deductions were correctly or incorrectly answered. Another section discusses the tax treatment of recognized and unrecognized funds depending on whether the arrangements for tax payments are effective or ineffective. A final table shows sample salary and expense data and whether each expense is deductible for different individuals.

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    Admissible and Inadmissible Expenses Solution

    Uploaded by

    allogy
    8K views2 pages
    The document contains the solutions to multiple choice and true/false questions about admissible and inadmissible expenses for income tax. It lists various expenses as admissible or inadmissible. It also contains a table showing whether expense deductions were correctly or incorrectly answered. Another section discusses the tax treatment of recognized and unrecognized funds depending on whether the arrangements for tax payments are effective or ineffective. A final table shows sample salary and expense data and whether each expense is deductible for different individuals.

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    The document contains the solutions to multiple choice and true/false questions about admissible and inadmissible expenses for income tax. It lists various expenses as admissible or inadmissible. It also contains a table showing whether expense deductions were correctly or incorrectly answered. Another section discusses the tax treatment of recognized and unrecognized funds depending on whether the arrangements for tax payments are effective or ineffective. A final table shows sample salary and expense data and whether each expense is deductible for different individuals.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    8K views2 pages

    Admissible and Inadmissible Expenses Solution

    Uploaded by

    allogy
    The document contains the solutions to multiple choice and true/false questions about admissible and inadmissible expenses for income tax. It lists various expenses as admissible or inadmissible. It also contains a table showing whether expense deductions were correctly or incorrectly answered. Another section discusses the tax treatment of recognized and unrecognized funds depending on whether the arrangements for tax payments are effective or ineffective. A final table shows sample salary and expense data and whether each expense is deductible for different individuals.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    The Professionals’ Academy of Commerce

    INCOME TAX
    Class assignment
    Admissible & Inadmissible Expenses (Solution)

    Q-1
    S Admissible /
    No. Inadmissible
    1 Admissible
    2 Admissible
    3 Inadmissible
    4 Inadmissible
    5 Admissible Q-2
    6 Inadmissible
    S No. Correct /
    7 Inadmissible
    Incorrect
    8 Admissible
    9 Admissible 1 Incorrect
    10 Inadmissible 2 Incorrect
    11 Inadmissible
    12 Inadmissible 3 Incorrect
    13 Inadmissible 4 Incorrect
    14 Inadmissible 5 Correct
    15 Inadmissible
    6 Incorrect

    Q-3
    Effective arrangements of deduction of
    Recognized Admissible
    tax while payments
    Fund
    Ineffective arrangements of deduction
    Admissible
    of tax while payments
    Unrecognized Effective arrangements of deduction of Admissible
    tax while payments
    Fund
    Ineffective arrangements of deduction
    Inadmissible
    of tax while payments

    Q-4
    Salary Y/N Repairs Y/N Rent Y/N Freight Y/N
    Account Account Expense Charges
    Account
    20,000 N 1,000 Y 9,000 Y 5,000 Y
    15,000 Y 10,000 Y 11,000 N 20,000 Y
    40,000 N 15,000 Y 22,000 N 7,000 Y
    5,000 Y 20,000 Y 77,000 N 2500 Y
    55,000 N 3,000 Y 50,000 N 500 Y
    135,000 49,000 169,000 53,000

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