Explain the rules governing the deductibility of expenses for self-employed persons in Mauritius, give examples to support your explanation.

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A:

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Q: %

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A: Fixed asset turnover ratio=Net salesAverage net fixed assets

Q: Statement 1: OCI should not be closed in retained earnings and should be presented separately in…

A: Correct Answer is  : All are true

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A: Job sheet           Materials Labor Overhead Total Job 101 19,320 19,500 6160 44,980 Job 102…

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A: Lets understand the basics. Management some time purchase asset using the loan. In that case if loan…

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A: FIFO - First in first out is the method of inventory where the goods purchased are sold first and…

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A: Here Haley learned that someone opens a credit card account in his name.

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A: Introduction Audit report: The auditor's report expresses the auditor's judgment about the accuracy…

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Q: nder PCAOB standards, when a material weakness exists, the auditors’ report on internal control is…

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Q: he table shows the estimated sales for two different prices of bags of chips. Calculate the profit…

A: Financial accounting refers to a type or branch of accounting which records the financial…

Q: applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1…

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Q: 6/1 7/1 8/30 8/31 9/4 11/30 12/5 12/31 Adj Bal Prepaid Insurance Prepaid Rent Unearned Service…

A: Journal entries :- Recording of Accounting transaction in a proper way. Ledger :- recording of…

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A: When the sale has been made, but the buyer has not made payment yet, then invoice is the document…

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A: Investment means the amount of money invested by an entity in a company, its securities such as…

Q: e. What is Matt's ending basis in his partnership interest? Ending basis

A: Partnership :- When two or more persons come together to form a business and share Profit and losses…

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A: When business has more than one alternative to choose, then alternative which has maximum profit and…

Q: 1. prepare an income statement for Year 1 2. Prepare a statement of changes in stockholders’ equity…

A: Journal entries S.No Particulars Debit Credit 1 Cash 41000     To Notes Payable   41000…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.