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