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GeneralComments K\Q
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The overall performance ofmost candidates was satisfactory.Some candidates,however,simply provided whatthey had studied during the course without answering the question directly.Allcandidates should read the question carefully.The examination consisted of fivecompulsory questions.Most candidates attempted all fivequestions. -
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Some candidates displayedtheir answers poorly,with a lack of clear labelling to indicate which questionswere being attempted.Each question should be started on a new page andcandidates must give more thought to the layout and organisation of theiranswers. <qx-%6
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SpecificComments 5UyK1e))
QuestionOne I =pdj D
In part (a) it wasdisappointing that most candidates gave the wrong answer for the treatment ofthe donation even though this area has been examined previously.Some candidatesdid not list out those items which have no adjustment. m:CpDxzbf
In part (b) many candidatescould not state that any loss that has not been offset within five years wouldbe wasted. wX;NU4)n
In part (c) some studentswrote down the 90/183 days for individuals but the question asked for adefinition of the term ‘resident enterprise’. b1!%xdy_T
Question Two !/
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In part (a) the answerswere generally good but very few candidates were able to correctly answer aboutthe gain from selling a small size house. o *'3N/D~
Part (b) was generallyfairly answered. ep|u_|sB/r
QuestionThree
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Inpart (a) very few candidates were able to answer correctly about the self-usedvehicles for testing purpose with a deemed sale.Students are reminded that thisarea is important as it is very common in real life to have a similarsituation. I9 m
In part (b) VAT implicationswere tested in connection with the disposal of fixed assets/used articles underthe new VAT system.This was not answered well.Candidates should be expected tobe very familiar in this area of knowledge. ljmHX2p
QuestionFour 8/v_uEG
Parts (a) and (b) weregenerally answered well,however in part (c) many candidates incorrectly answeredthe filing and payment dates. PeaD]
QuestionFive ElxbHQj6
Inpart (a) few candidates mentioned that it must obtain the official charitabledonation receipt to qualify for the tax deduction. 2c]O Mtk
In part (b) few candidatesmentioned that only donations made to certain organisations can qualify for 100%relief. P nvLXE}F
In part (c) some candidateswasted their time explaining the cost-plus method rather than explaining if thedonation could be excluded from the operating expenses.
