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  3. the following information relates to zara ltd.'s e

The following information relates to Zara Ltd.'s expenses and profits. Assuming the company tax rate...

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Question

Accounting

The following information relates to Zara Ltd.'s expenses and profits. Assuming the company tax rate is 309.

Required:

Calculate the taxable income and the current tax liability for 30th of june 2021. Also write journal entry

Accounting Profit

$

290,000

17 points

After debiting as an expense

  • Depreciation of plant and equipment
  • Long service leave expense
  • Doubtful debts expense
  • Goodwill impairment

57

17000

8000

4000

2000

Additional information:

Tax depreciation allowed on plant and equipment is $19 500

Amounts paid during the year for long service leave amounted to $5 500.

Bad debts written off during the year amounted to 5 1 500

Answer & Explanation Solved by verified expert
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