The following information has been provided for the year ended 31 December 2022: Depreciation for Accounting purposes

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The following information has been provided for the year ended 31 December 2022:

Depreciation for Accounting purposes

Machinery R16 000

Equipment R27 500

Wear and Tear

Machinery R25 000

Equipment R30 000

Dividends received R35 000

Revenue received in advance R26 000 (2022)

Revenue received in advance R18 000 (2021)

Profit before tax is R300 000 after taking the above figures into account. Assume a tax rate of 28%

Required.

1. CALCULATE the current tax for the year ended 31 December 2022

2.Show the calculations

3. Allocate the calculated amounts to the taxable template.

Related Book For answer-question

Financial Accounting and Reporting

ISBN: 978-0273744443

14th Edition

Authors: Barry Elliott, Jamie Elliott

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Posted Date: Aug 24, 2023 04:26 AM

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The following information has been provided for the year ended 31 December 2022: Depreciation for Accounting purposes

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Calculation of Current Tax for the Year Ended 31 December 2022 Calculate Taxable Income Profit befor... View the full answer

Financial Accounting and Reporting

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