Maendeleo Ltd. is a manufacturing company operating through a number of branches in Kenya. The following information relates to Maendeleo Ltd.’s operations for the year ending 31 December 2020.Sh ‘000’Sh ‘000’Turnover19,480Cost of goods sold5,620Gross profit13,860Foreign exchange gain148Insurance recovery for stolen motor vehicle968Proceeds from sale of factory extension46940,545Less ExpensesDirectors emoluments and staff costs16,890Pension contribution for staff4,200Staff recruitment cost1,148Purchase of furniture420Penalties on overdue VAT164Impairment loss of factory extension150Mortgage interest364Goodwill written off162Loan interest1,286Depreciation908General office expenses1,34827,04013,505Additional informationDetails of property, plants and equipment schedule reflected the following details for the assets that existed before the year ending 31st December 2020:AssetsWritten Down Value 1 Jan 2020Additions at Cost (2020)Depreciation (2020)Disposal Proceeds (2020)sh.sh.sh.sh.Computers525,000345,400131,520250,000Water pump-280,00056,000-Furniture360,000140,00082,000-Conveyor belts-960,000–Delivery vans2,500,000142,000180,000620,000Cash registers620,000-58,000-Printers120,00060,00042,000-Tractors2,500,0001,800,000360,000-Motorcycles380,000-68,000-Packaging machine-860,000–Non-processing machinery960,000-62,000-A perimeter wall was constructed at cost of sh.960,000 during the year ending 31st December 2020 used from 1st March 2020A go down and drainage system were constructed at cost sh.2,860,000 and sh.1,780,000 respectively put into use on 1st April 2020.The company constructed a borehole at cost of sh.1,500,000 during the year which was put in use on 1st July 2020RequiredCapital allowance due to Maendeleo ltd for the year ending 31st December 2020Determine the adjustable taxable income for the year 2020
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