Page 419 - F1 Integrated Workbook STUDENT 2018

Answers

Exxampple 4

Usinng the infoormation froom exampples 1 to 3 ccalculate thhe tax payyable for the
yeaar ended 311/12/X1. You should assume a tax rate off 30%.
Solution

$ $
Acccounting prrofit 50,0000
Lesss: exempt income (5,0000)
Addd back: disallowable expenses 3,5500
Addd back: deppreciation (example 11) 7,0000
Lesss: tax depreciation (eexample 2) (11,2200)
––––––––
Taxxable profitt 44,3300
Taxx at 30% 13,2290

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