Question1. Kofi, a sole proprietor has been in business when SMCD 5 is the Law and preparing accounts to 30th June each year.
Required: Determine the basis period for Kofi for 2020 YoA
2. Kofi, a sole proprietor established his business on July 1, 2015, and preparing accounts to 30th June each year.
Required: Determine the basis period for Kofi for 2020 YoA in accordance with Act 896
3. Kofi, a sole proprictor established his business on July 1, 2016, and preparing accounts to 30th June each year.
Required: Determine the basis period for Kofi for 2020 YoA in accordance with Act 896
4. Kofi, a sole proprietor established his business on July 1, 2000, and preparing accounts to 30th June each year.
Required:
Determine the basis period for Kofi for 2020 YoA in accordance with Act 896
Studdy Solution
Determine the basis period for Kofi under Act 896 for 2020 YoA, starting business on July 1, 2000:
- Under Act 896, the basis period is the accounting year ending in the year preceding the YoA.
- For 2020 YoA, the basis period is the year ending 30th June 2019.
The basis period for Kofi for the 2020 YoA, regardless of the start date of the business, is:
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