0230 B415F Profits tax - club FI answers

0230 B415F Profits tax - club FI answers - B415F Profits...

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B415F Profits tax: Club, Trade association and Financial Institution 11
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Exercise The South China Club was established in 1990 as a sports club. The following is a summary of its income and expenditure accounts for the last three years: 2007/08 2008/09 2009/10 Income: Members’ subscriptions (1) $72,000 $84,000 $96,000 Rent (2) 72,000 72,000 0 Canteen receipts (3) 27,000 39,000 30,000 Donation (4) 60,000 0 120,000 Total $231,000 $195,000 $246,000 Less Expenditure: Administration expenses (5) $104,000 $165,000 $155,000 Canteen expenses (5) 41,000 36,000 22
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Exercise 1 All members can vote at the general meetings of the club. 2 A part of the club premises was leased on 1 April 2006 to an affiliated club under the following terms: Lease period — three years Monthly rent — $6,000 Premium $36,000 (paid on 1.4.2007) 3 The canteen was open to both members and non-members. It is estimated that only two-thirds of the receipts were received from members. 4
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0230 B415F Profits tax - club FI answers - B415F Profits...

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