Conditions – Knowsia

TX – May 2025 – SKILLS – Q4 – Companies Income Tax and Tax Administration

Compute taxes for Success Nigeria Limited, explain conditions for allowable donations, and detail required company returns to FIRS.

Question

Segun, Alao and Kishi have been in partnership for a long time before incorporating a limited liability company, Success Nigeria Limited, to take over the business of the partnership. The limited liability company has been carrying on the same business of the partnership which is manufacturing of tyres.

The Directors of the company met and observed that the tax compliance requirements about limited liability companies are more intricate and very different from those of partnerships. In order not to run foul of the relevant laws, it was decided that a Tax Consultant should be appointed to handle its tax matters.

You have been appointed as the Tax Consultant and you were provided with an extract of the financial statements of the company for the year ended June 30, 2024, as follows:

	N	N
Gross profit		87,500,000
Less
Building fund	1,600,000
Senior staff club house	3,200,000
Depreciation	7,200,000
Salaries and wages	12,200,000
Directors’ remuneration (Non-Executive)	2,200,000
Directors’ remuneration (Executive)	5,300,000
Donation to Red Cross Society	360,000	32,060,000
Net profit		55,440,000

Other information includes: (i) Commission received of ₦2,400,000 has not been taken into account (ii) Capital allowance agreed with the Revenue was ₦2,750,000 (iii) Bad debt of ₦3,200,000 was recovered

Required:

a. Compute the taxes payable by the company for the relevant assessment year. (10 Marks)

b. Explain FIVE conditions under which a donation charged against income is allowable for ascertaining the profit of a business. (5 Marks)

c. Explain the returns to be filed by every incorporated company carrying on business in Nigeria to the Federal Inland Revenue Service. (5 Marks)

Answer

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POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts

Distinguish between conditions and warranties under a contract, explain the importance of the distinction, and describe conditions precedent and subsequent in the context of a contract involving a government agency and a private company.

Question

i. Distinguish between conditions and warranties under a contract.

ii. Explain the importance of the distinction between conditions and warranties.

iii. Explain the following types of conditions that appeared in a contract in Sikakrom involving a government Agency and a private company.

a) Conditions Precedent.

b) Conditions Subsequent.

Answer

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Tags: Conditions, Conditions Precedent, Conditions Subsequent, Contract Law, Distinction, importance, Warranties
Level: Level 1

Topic: Contract Law
Series: JULY 2020

MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks

Explanation of negotiation, conditions necessitating it in financial institutions, and principles to resolve a stalemate in collective bargaining for a rural bank.

Question

A. Explain negotiation and list five (5) conditions that necessitate its practice in microfinance institutions and banks? [10 Marks]

B. A new collective bargaining agreement is to be signed between the senior management team and unionized staff of a rural bank in Ghana. The negotiation teams have encountered stalemate after eight (8) weeks of commencement of the negotiation exercise. As an advisor, explain principles of negotiation that can be adopted to settle the stalemate amicably? [10 Marks]

Answer

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Tags: Collective Bargaining, Conditions, Negotiation, Principles, Stalemate Resolution
Level: Level 2

Topic: Management Theories
Series: JULY 2020

BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

Question

Contractual agreements usually contain terms that are different in nature and importance.

Required:
Define the following terms:
i. Express terms
ii. Implied terms
iii. Conditions
iv. Warranties

Answer

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Tags: Conditions, Contract Terms, Express Terms, Implied Terms, Warranties
Level: Level 1

Topic: Law of Contract
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

Question

A term in a contract that gives the party who is not at fault the right to repudiate is a ……………………………….

Answer

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Tags: Breach of Contract, Conditions, Contracts, Repudiation
Level: Level 1

Topic: Law of Contract

BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract

Question identifying the fundamental terms essential to a contract.

Question

Under law of contract, fundamental terms which are very essential to the contract are referred to as
A. Warranties
B. Guarantees
C. Conditions
D. Exceptions
E. Exclusions

Answer

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Tags: Conditions, Contract Law, Fundamental Terms, Legal obligations
Level: Level 1

Topic: Law of Contract
Series: MAR/JULY 2020

TX – May 2025 – SKILLS – Q4 – Companies Income Tax and Tax Administration

Compute taxes for Success Nigeria Limited, explain conditions for allowable donations, and detail required company returns to FIRS.

Question

You have been appointed as the Tax Consultant and you were provided with an extract of the financial statements of the company for the year ended June 30, 2024, as follows:

	N	N
Gross profit		87,500,000
Less
Building fund	1,600,000
Senior staff club house	3,200,000
Depreciation	7,200,000
Salaries and wages	12,200,000
Directors’ remuneration (Non-Executive)	2,200,000
Directors’ remuneration (Executive)	5,300,000
Donation to Red Cross Society	360,000	32,060,000
Net profit		55,440,000

Required:

a. Compute the taxes payable by the company for the relevant assessment year. (10 Marks)

b. Explain FIVE conditions under which a donation charged against income is allowable for ascertaining the profit of a business. (5 Marks)

c. Explain the returns to be filed by every incorporated company carrying on business in Nigeria to the Federal Inland Revenue Service. (5 Marks)

Answer

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POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts

Distinguish between conditions and warranties under a contract, explain the importance of the distinction, and describe conditions precedent and subsequent in the context of a contract involving a government agency and a private company.

Question

i. Distinguish between conditions and warranties under a contract.

ii. Explain the importance of the distinction between conditions and warranties.

iii. Explain the following types of conditions that appeared in a contract in Sikakrom involving a government Agency and a private company.

a) Conditions Precedent.

b) Conditions Subsequent.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conditions, Conditions Precedent, Conditions Subsequent, Contract Law, Distinction, importance, Warranties
Level: Level 1

Topic: Contract Law
Series: JULY 2020

MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks

Explanation of negotiation, conditions necessitating it in financial institutions, and principles to resolve a stalemate in collective bargaining for a rural bank.

Question

A. Explain negotiation and list five (5) conditions that necessitate its practice in microfinance institutions and banks? [10 Marks]

Answer

Find Related Questions by Tags, levels, etc.

Tags: Collective Bargaining, Conditions, Negotiation, Principles, Stalemate Resolution
Level: Level 2

Topic: Management Theories
Series: JULY 2020

BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

Question

Contractual agreements usually contain terms that are different in nature and importance.

Required:
Define the following terms:
i. Express terms
ii. Implied terms
iii. Conditions
iv. Warranties

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conditions, Contract Terms, Express Terms, Implied Terms, Warranties
Level: Level 1

Topic: Law of Contract
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

Question

A term in a contract that gives the party who is not at fault the right to repudiate is a ……………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach of Contract, Conditions, Contracts, Repudiation
Level: Level 1

Topic: Law of Contract

BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract

Question identifying the fundamental terms essential to a contract.

Question

Under law of contract, fundamental terms which are very essential to the contract are referred to as
A. Warranties
B. Guarantees
C. Conditions
D. Exceptions
E. Exclusions

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conditions, Contract Law, Fundamental Terms, Legal obligations
Level: Level 1

Topic: Law of Contract
Series: MAR/JULY 2020

Question Tag: Conditions

TX – May 2025 – SKILLS – Q4 – Companies Income Tax and Tax Administration

Compute taxes for Success Nigeria Limited, explain conditions for allowable donations, and detail required company returns to FIRS.

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POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts

Distinguish between conditions and warranties under a contract, explain the importance of the distinction, and describe conditions precedent and subsequent in the context of a contract involving a government agency and a private company.

You're reporting an error for "POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts"

MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks

Explanation of negotiation, conditions necessitating it in financial institutions, and principles to resolve a stalemate in collective bargaining for a rural bank.

You're reporting an error for "MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks"

BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q6b – Law of Contract"

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q20 – Law of Contract"

BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract

Question identifying the fundamental terms essential to a contract.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract"

TX – May 2025 – SKILLS – Q4 – Companies Income Tax and Tax Administration

Compute taxes for Success Nigeria Limited, explain conditions for allowable donations, and detail required company returns to FIRS.

You're reporting an error for "TX – May 2025 – SKILLS – Q4 – Companies Income Tax and Tax Administration"

POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts

Distinguish between conditions and warranties under a contract, explain the importance of the distinction, and describe conditions precedent and subsequent in the context of a contract involving a government agency and a private company.

You're reporting an error for "POBL – JUL 2020 – L1 – Q3 – Conditions and Warranties in Contracts"

MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks

Explanation of negotiation, conditions necessitating it in financial institutions, and principles to resolve a stalemate in collective bargaining for a rural bank.

You're reporting an error for "MP – JUL 2020 – L2 – Q4 – Negotiation in Microfinance and Banks"

BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q6b – Law of Contract"

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q20 – Law of Contract"

BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract

Question identifying the fundamental terms essential to a contract.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract"

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