The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax...

  

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The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax 282 000 252 000 Dividend income (not taxable) 8 000 10 000 Non-deductible donations 10 000 5 000 Non-deductible fines 12 000 6 000 Prepaid expenses 4 500 Income received in advance 7 500 The original cost of plant was R350 000 purchased on 01 July 2017. Depreciation was R48 000 and wear and tear equaled R40 000. Profit on sale of building amounted to R50 000 on the 01 July 2018. There are no components of other comprehensive income. • The normal corporate tax rate for Curios Limited is 30%. The capital gains tax rate is 33.3%. Required: Prepare the journals in the general journal relating to taxation for the years ended 30 June 2018 and 30 June 2019 (show all relevant calculations). The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax 282 000 252 000 Dividend income (not taxable) 8 000 10 000 Non-deductible donations 10 000 5 000 Non-deductible fines 12 000 6 000 Prepaid expenses 4 500 Income received in advance 7 500 The original cost of plant was R350 000 purchased on 01 July 2017. Depreciation was R48 000 and wear and tear equaled R40 000. Profit on sale of building amounted to R50 000 on the 01 July 2018. There are no components of other comprehensive income. • The normal corporate tax rate for Curios Limited is 30%. The capital gains tax rate is 33.3%. Required: Prepare the journals in the general journal relating to taxation for the years ended 30 June 2018 and 30 June 2019 (show all relevant calculations).

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WN1 For 30618 For 30619 Profit Before Tax 252000 2820... View the full answer