Huntley (Ltd) is a company operating in the steel industry. The following information has been presented...

 

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Huntley (Ltd) is a company operating in the steel industry. The following information has been presented to you: Huntley Ltd Extracts from Balance Sheet as at 31 December 2022 2022 Property plant and equipment 640 000 Expenses prepaid (allowable deduction for 2022) 20 000 Income received in advance (taxable in the year of receipt) 56 000 Additional information: 1. During 2022 depreciation was R70 000 and wear and tear allowed was R50 000. 2. There was no other movement of property, plant and equipment during 2022. 3. Profit before tax is R600 000. 2021 710 000 0 30 000 Required: 1.1 1.2 4. Dividend income of R10 000 was earned during 2022. 5. There are no other temporary or permanent differences other than those evident from the information provided. 6. The normal income tax rate is 30%. Calculate the current normal income tax and deferred taxation for the year ended 31 December 2022. Disclose the Taxation note to the balance sheet as at 31 December 2022 in accordance with International Financial Reporting Standards (IFRS). (15) (10) Huntley (Ltd) is a company operating in the steel industry. The following information has been presented to you: Huntley Ltd Extracts from Balance Sheet as at 31 December 2022 2022 Property plant and equipment 640 000 Expenses prepaid (allowable deduction for 2022) 20 000 Income received in advance (taxable in the year of receipt) 56 000 Additional information: 1. During 2022 depreciation was R70 000 and wear and tear allowed was R50 000. 2. There was no other movement of property, plant and equipment during 2022. 3. Profit before tax is R600 000. 2021 710 000 0 30 000 Required: 1.1 1.2 4. Dividend income of R10 000 was earned during 2022. 5. There are no other temporary or permanent differences other than those evident from the information provided. 6. The normal income tax rate is 30%. Calculate the current normal income tax and deferred taxation for the year ended 31 December 2022. Disclose the Taxation note to the balance sheet as at 31 December 2022 in accordance with International Financial Reporting Standards (IFRS). (15) (10)

Answer rating: 100% (QA)

current normal income tax and deferred taxation for Huntley Ltd for the year ended 31 December 2022 ... View the full answer