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(4) Obtained a six-month bank loan of RMB 2,000,000 from 1 July 2010 with the pledge of a shop owned by the company. During the loan period, the bank did not charge any interest, but instead the bank had the right to use the shop rent free. The market interest rate for a simil...
Company C and its overseas branch, Branch D, both started business in 2010. Company C had a taxable loss of RMB 1,000,000 for the year 2010 and income of RMB 3,000,000 for the year 2011, while Branch D had taxable income of RMB 1,000,000 and paid foreign tax of RMB 300,000 f...
(5) Received RMB 200,000 from the sale of a property (50 square metres) that he had lived in for four years, which he had acquired for RMB 160,000. (6) Gross interest income of RMB 6,000 from a bank deposit. (7) Received RMB 11,000 as insurance compensation. (8) Received RMB ...
During the loan period, the bank did not charge any interest, but instead the bank had the right to use the shop rent free. The market interest rate for a similar loan is 6% per year. At the end of the loan period, Company X sold the shop for a price which gave it RMB 1,000,...
The branch sold the goods in December. (5) Received money from Customer X and issued a VAT invoice for the goods in June, but did not deliver the goods until July. Required: In the case of each of the transactions (1) to (5), state the month in which Toyly Ltd’s value added ...