Mapro Ltd. is a leading manufacturer of a wide range of goods which are either consumed locally or exported. During the month of September 2010, the following transactions took place:
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Sept.
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2:
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Paid Kshs. 960,000 to Dr. Greg William, an American, who had come to design the company’s website.
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4:
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Received architect’s certificates amounting to Kshs. 3,200,000 for the construction of an extension to the factory building which had been completed. Out of this amount, Kshs. 1,000,000 represents retention money.
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5:
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Purchased goods on credit from KLM Ltd. worth Kshs. 1,360,000.
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6:
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Purchased stationery for use in the business on credit from Text Book Centre worth Kshs. 500,540.
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6:
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Sold goods worth Kshs. 2,650,000 on credit to Options (K) Ltd.
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7:
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Sold goods to Zim Bank (K) Ltd. for Kshs. 1,970,200
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9:
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Paid Maersk Shipping Line Kshs. 350,000 for transporting goods purchased by Zim Bank (K) Ltd.
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11:
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Options (K) Ltd returned goods worth Kshs. 300,000 due to some major defects.
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11:
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Sold goods worth Kshs. 865,000 on credit to Homa Bay Wholesalers.
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12:
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Returned defective office stationery, which had cost Kshs. 50,800 to Text Book Centre.
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14:
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Sold goods for Kshs. 1,220,000 to Rwanda Miners Ltd. a company based in Rwanda.
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16:
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Goods worth Kshs. 200,000 were stolen while in transit to Rwanda.
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18:
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Granted Kshs. 20,000 allowance to Rwanda Miner Ltd. for some minor defects on some items.
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18:
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Agreed to cancel the account received from Zim Bank (K) Ltd. in exchange for services rendered by them to the company in the Coast Province.
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20:
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Sold goods for cash amounting to Kshs. 2,734,000.
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23:
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Homa Bay Wholesalers was declared insolvent by the High court and a winding up order issued.
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30:
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Telephone and electricity bills for the month were received. The VAT on the telephone and electricity bills was Kshs. 300,000 and Kshs. 17,500 respectively.
compute tax liability
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