Tax Law - Question 1
Tax Law - Part 1
Statement of Assessable Income
For the year ending June 30, 2019
All Amounts in $000
Salaries
From: Local college
31000
Less standard Deduction
0
Income from house property
0
Profits and gains of business *(W1)
1233
…
Accounting Theory and Contemporary Issues
Role of Conceptual Framework
In financial statements various parts are based on the judgment and estimates rather than the exact figures or positions. The conceptual framework helps in providing the concepts that are underlying in respect of the judgments or the estimates that are made (Potschin-Yound et. al., 2018). The conceptual framework assists in developing the future standards of accounting a…
Case Study: Michael
Answer to Question- 1 :-
ASSESSABLE INCOME FOR THE YEAR ENDED 30.06.2019
PARTICULARS
AMOUNT($)
PROFIT FROM OPERATION
$ 640,000.00
(915000-275000)
ADD:RENTAL FROM PROPERTY
$ 95,000.00
ADD:EXCESS PAYMENT…
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