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1. Efura L.G.A has a population of 20 million citizens
of which 16 million are taxable adults who will pay tax at the rate of N2,500
per adult. It also has 75,000 market stalls rented to traders at N175,000 per
annum per stall.
There are 35,000 hawkers who will pay entrances fees
to the market on daily basis at the rate of N500 per day. There are 28 days in
a month and 12 months in a year.
Required:
As a student of Management and Business Studies
prepare the revenue budget of the local Government for the year 2018.
2.
Prepare:
(a) Federation Account
(b) Consolidated Revenue Fund
From the following information for the
month of June 2019:
Inflows:
N’000
Import duties 20,000
Export duties 35,000
Excise duties 50,000
Petroleum profits tax 1,600,000
Companies income tax 355,000
PAYE: deductions from the emolument of
the Armed Forces 15,000
Police personnel 3,000
Residents of Abuja 2,000
Dividend from Federal Government
Investments 6,000
Balance b/f 3,000
Outflows:
Remuneration of Statutory Officers 13,000
Recurrent expenditure 750,000
Transfer to: Development Fund 50,000
Contingency Fund 10,000
Note: The revenue
allocation formula is:
Federal Government 52.68%
State Government 26.72%
Local Government 20.60% BEST OF LUCK!
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