I

ll
ust
rat
ion3.
1
Li
onLt
dcommencedbusi
nesson1Oct
ober2011,
andpr
epar
edt
hef
ir
stsetofaccount
sto30
June2012.Ther
eaf
ter
,account
sar
epr
epar
edt
oJune30ofeachy
ear
.
Thecompany
’sAdj
ust
edpr
ofi
tsar
easf
oll
ows:
-9mont
hsper
iodt
o30June2012–N5mi
l
li
on
-Yearended30June2013–N3.
5mi
l
li
on
Requi
red:
Det
ermi
net
hebasi
sper
iodaswel
last
heAssessabl
ePr
ofi
tfort
hef
ir
st4y
ear
sofassessment
.

I
ll
ust
rat
ion3.
2
Gl
oryLi
mit
edcommencedbusi
nesson1June2008andAdj
ust
edPr
ofi
tsar
easf
oll
ows:
N
Sev
enmont
hsended31December2008. 7,
000
Yearended31December2009 24,
000
Yearended1December2010 18,
000
Yearended31December2011 9,
600
Requi
red:
Comput
etheAssessabl
ePr
ofi
tsf
oral
lrel
evantassessmenty
ear
s,assumi
ngt
hecompanyt
akes
adv
ant
ageofanyopt
ionopent
oitt
omi
nimi
sei
tst
axl
i
abi
l
ity
.

I
ll
ust
rat
ion3.
3
XYZLt
d,commencedbusi
nesson1Jul
y2008,
andt
heAdj
ust
edpr
ofi
tsar
easf
oll
ows:
Adj
ust
edPr
ofi
ts
Scenar
ioI Scenar
ioI
I
N N

6mont
hsended31December2008. 1,
050,
000 5,
000,
000
Yearended31December2009 2,
040,
000 3,
200,
000
Yearended31December2010. 3,
000,
500. 2,
650,
000
Requi
red:
Comput
etheAssessabl
epr
ofi
tsf
ort
hef
ir
stf
oury
ear
sofcommencementofbusi
nessundereach
scenar
io,
taki
ngi
ntoconsi
der
ati
ont
het
axpay
er’
sri
ghtofel
ect
iononcommencementofbusi
ness.

I
ll
ust
rat
ion3.
4
Gr
een&Whi
teLi
mit
edf
ormanyy
ear
spr
epar
edaccount
sto31December
,buti
n2009deci
ded
t
opr
epar
easi
xteen-
mont
haccount
sto30Apr
il
.TheAdj
ust
edPr
ofi
tsar
easf
oll
ows:
N
12mont
hst
o31December2006 180,
000
12mont
hst
o31December2007 240,
000
16mont
hst
o30Apr
il2009 336,
000
12mont
hst
o30Apr
il2010. 144,
000
Requi
red:
Comput
etheAssessabl
ePr
ofi
tsf
ort
her
elev
anty
ear
sofassessment
.

I
ll
ust
rat
ion3.
5
ADPLi
mit
edceasedbusi
nesson31Oct
ober2009.I
tsAdj
ust
edPr
ofi
ts/
(l
oss)f
ort
axpur
posesar
e
asf
oll
ows:
N

Yearended30Sept
ember2006. 6,
000
Yearended30Sept
ember2007 (
9,000)
Yearended30Sept
ember2008 24,
000
Per
iod1Oct
ober2008t
o31Oct
ober2009. 19,
500
Requi
red:
Comput
etheAssessabl
ePr
ofi
t/
Lossf
ort
hey
earofcessat
ionaswel
last
hepenul
ti
mat
eyear
.

I
ll
ust
rat
ion3.
6

Ul
ti
mat
eLi
mit
edhasbeeni
nbusi
nessf
orsomanyy
ear
sandi
sengagedi
nthei
mpor
tat
ion
anddi
str
ibut
ionofgr
eet
ingcar
dsandsouv
eni
rs.
Duet
odecl
i
ningpr
ofi
ts,
thecompanydeci
dedt
oceaset
radi
ng.Howev
er,
theChai
rmanof
t
hecompanycoul
dnotmakeuphi
smi
ndwhet
herornott
oceaset
radi
ngon31December
2012or31Januar
y2013.
Recentaccount
sadj
ust
edf
ort
axpur
poses,
hav
erev
eal
edt
hef
oll
owi
ngAdj
ust
edpr
ofi
ts:
PROFI
TS
N
Yearended30Sept
ember2008 55,
000
Yearended30Sept
ember2009 46,
000
Yearended30Sept
ember2010. 38,
000
Yearended30Sept
ember2011. 28,
600
Yearended30Sept
ember2012 22,
200
3mont
hsended31December2012. 5,
000
Requi
red:
Det
ermi
neAssessabl
ePr
ofi
tsf
rom 2009AssessmentYearupt
ocessat
ionandi
ndi
cat
ewhat
di
ff
erencei
twoul
dmakei
fbusi
nessceasedon31Januar
y2013,
assumi
ngpr
ofi
tofN8,
000
f
or4mont
hst
o31Januar
y2013.

I
ll
ust
rat
ion3.
7
Assumet
hesamef
act
sasi
nil
l
ust
rat
ion3.
6exceptt
hatAdj
ust
edPr
ofi
tsar
easf
oll
ows:
N
Yearended30/
9/08 22,
200
Yearended30/
9/09. 28,
600
Yearended30/
9/10 38,
000
Yearended30/
9/11. 46,
000
Yearended30/
9/12. 55,
000
3mont
hsended31/
12/
12 18,
000
4mont
hst
o31/
1/13 20,
000

Quest
ion1
Dy
sonLi
mit
edi
sacompanywhi
chcommencedbusi
nesson1Januar
y2010.
I
tsPr
ofi
tandLossAccountf
ort
hey
earended31December2012showedapr
ofi
tof
N2mi
l
li
on.
Af
terappl
yi
ngt
her
ulesf
ordeduct
ibl
eexpensesandt
axabl
eincome,
thecompany
hadanAdj
ust
edPr
ofi
tofN3mi
l
li
onf
ort
hey
earended31December2012.
Thecompany
’sAdj
ust
edPr
ofi
tsf
ort
het
wopr
evi
ousy
ear
sar
easf
oll
ows:
N

Yearended31December2010 1.
5mi
l
li
on
Yearended31December2011. 2.
2mi
l
li
on
Requi
red:
Det
ermi
net
hebasi
sper
iodsandAssessabl
epr
ofi
tsf
oral
lrel
evanty
ear
sofassessment
.

Quest
ion2
Mr
.JamesAkpakowasadv
isedbyhi
saccount
antt
oincor
por
ateal
i
mit
edl
i
abi
l
ity
companyi
nor
dert
oobt
ainf
inanci
alassi
stancef
rom hi
sbanker
s.Basedont
hef
oregoi
ng,
JamesAkpakoNi
ger
iaLi
mit
edwasi
ncor
por
atedon31December2007.
Thecompanywhi
chwasi
ntoi
mpor
tat
ionofcementpost
edpr
ofi
tsf
orsomanyy
ear
s.Due
t
oachangei
ngov
ernmentpol
i
cy,
thei
mpor
tat
ionofcementwasbannedon1Januar
y
2013.Thecompanycoul
dnotcopewi
tht
henewpol
i
cy,
hencei
tceasedt
radi
ngon30
Nov
ember2013.
TheAdj
ust
edPr
ofi
tsofJamesAkpakoNi
ger
iaLi
mit
edsi
ncei
ncor
por
ati
onar
easf
oll
ows:
N

Yearended31December2008. 50,
000
Yearended31December2009. 65,
000
Yearended31December2010. 82,
500
Yearended31December2011. 125,
000
Yearended31December2012 180,
000
Per
iodended30Nov
ember2013 35,
000
Requi
red:
Comput
etheAdj
ust
edPr
ofi
tsofJamesAkpakoNi
ger
iaLi
mit
edf
or2012and2013Assessment
Year
s,t
aki
ngi
ntoconsi
der
ati
ont
heopt
ionsav
ail
abl
etot
her
elev
antt
axaut
hor
it
y.

Quest
ion3
Ul
ti
mat
eLi
mit
edchangedi
tsaccount
ingdat
efr
om 30Junet
o31December
.The
f
oll
owi
ngi
nfor
mat
ioni
smadeav
ail
abl
e.
N
12mont
hst
o30/
6/2007. 160,
000
12mont
hst
o30/
6/2008. 192,
000
18mont
hst
o31/
12/
2009. 120,
000
12mont
hst
o31/
12/
2010 288,
000
12mont
hst
o31/
12/
2011 320,
000
Requi
red:
Comput
etheAssessabl
ePr
ofi
tsf
ort
her
elev
antassessmenty
ear
s.

Quest
ion4
I
BKMensahTradersdeal
sinassort
edgoods.Mr
s.IbukunMensahwhoisthepr
opri
etr
essofIBKMensahTraders
hadpr
evi
ousl
ymadeupheraccountsto31Marchbutdecidedt
ochangei
tto30Junein2015.TheAdj
ust
edProfi
ts
ofI
BKMensahTrader
sareasfol
lows:

N
Yearended31Mar
ch2015. 2,
063,
250
Per
iodended30June2015 602,
600
Yearended30June2016. 2,
410,
400
Yearended30June2017 3,
750,
000
Yearended30June2018 4,
200,
000
Requi
red:
Comput
etheAssessabl
ePr
ofi
tsf
ort
her
elev
anty
ear
sofassessment

Quest
ion5
Capi
talNi
ger
iaLi
mited,
anexpor
terandi
mpor
terofgener
almer
chandi
se,
wasi
ncor
por
atedonNov
ember10,
2014.I
t
commencedbusi
nessonApri
l1,2015

Youar
egi
vent
hef
oll
owi
ngAdj
ust
edPr
ofi
tsf
ort
her
elev
antaccount
ingper
iod/
year
s:
N

Ni
nemont
hsendedDecember31,
2015 1,
250,
000
YearendedDecember31,
2016 1421,
000
YearendedDecember31,
2017. 2,
790,
000
YearendedDecember31,
2018. 3,
260,
000
Youar
erequi
redt
o:
Comput
etheAssessabl
ePr
ofi
tsf
ort
her
elev
anty
ear
sofassessment
s.
Consi
dert
heopt
ionav
ail
abl
etot
het
axpay
er.

Quest
ion6.
J&P( Ni
ger
ia)Limited,aconstr
uct
ionandci vi
lengi
neeri
ngcompany ,hasbeeninbusi
nessformanyy ear
s.The
harsheconomiccli
mat einthecountryresul
tedinadecli
nei ntheprofit
softhecompanywhichnecessi
tat
edthe
decisi
onoftheboar dofdi r
ector
stoei t
herceaseoperati
onsonDecember31,2017orMar ch31,2018.Recent
accountsadj
ustedfortaxpur
posesrevealedt
hefoll
owingadjust
edprofi
ts:

YearendedJul
y31,
2013. 5,
460,
000
YearendedJul
y31,
2014 4,
970,
000
YearendedJul
y31,
2015. 4,
320,
000
YearendedJul
y31,
2016 3,
450,
000
YearendedJul
y31,
2017. 1,
875,
000
8Mont
hsendedMar
ch31,
2018 750,
000