pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
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PATHFINDERIncome tax payable 14,259.40Note: Gratuity <strong>of</strong> Samuel from public <strong>of</strong>fice is exempted from tax.Computation <strong>of</strong> Adjusted Loss:NLoss per accounts 630,000Less: Depreciation 340,800Adjusted Loss 289,200EXAMINERS‟ REPORT<strong>The</strong> question tests candidates‟ understanding <strong>of</strong> the assessment <strong>of</strong> partnership income.Most candidates demonstrated a good understanding <strong>of</strong> the question and theirperformance was good.Candidates‟ commonest pitfall was their inability to separate the answers to (a) and(b). This is because they are used to arriving at the assessment <strong>of</strong> partners under asingle procedure.Candidates are advised to learn to separate different answers for different questions.INTERMEDIATE EXAMINATION - NOVEMBER 201070
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