Compute the adjusted profit and the income tax payable by Mrs. Victoria Mfon for the relevant tax year, ignoring capital gains tax.

Here is the computation of the adjusted profit and income tax payable for Mrs. Victoria Mfon for the relevant tax year.

Assumptions:

• The "Net profit" of $\text{N}821,320$ is the starting point for tax adjustments.
• Items listed above the net profit (Depreciation, VAT paid on equipment, Bad and doubtful debts) were already deducted to arrive at this net profit.
• Specific bad debts are generally allowable for tax purposes, so no adjustment is made for the $\text{N}28,929$.
• For items where an amount is not specified (e.g., donations, total vehicle repair and maintenance, total defalcation), it is assumed that either these amounts were not included in