At 30 April 20X6, the carrying amount of the non-current assets of Bahno was USD80,000 greater than the tax written down value, and the balance brought forward on the deferred tax account was USD24,800. The company accountant calculated that the corporation tax charge on the reported profit for the year to 30 April 20X6 would be USD53,960, based on the tax rate of 24%.What is the total charge for taxation in the statement of profit and loss for the year to 30 April 20X6?
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1 .DX depreciates all property, plant and equipment over five years using the straight line method and no residual value. All assets were less than five years old at 1 October 20X1. No assets were purchased or sold during the year ended 30 September 20X2.The local tax regime allows tax depreciation of 50% on additions to property, plant and equipment in the accounting period in which they are purchased. In subsequent accounting periods tax depreciation of 25% per year of the tax written down value is allowed. Income tax on profits is at a rate of 25%.What should be the amount for deferred tax in DX’s statement of financial position as at 30 September 20X2 in accordance with IAS 12 Income Taxes?
A USD5,843 B USD6,531 C USD12,375 D USD23,375
2 .DF purchased its only item of plant on 1 October 20X1 for USD200,000. DF charges depreciation on a straight line basis over five years.Tax depreciation is allowed as follows:?50% of additions to property, plant and equipment in the accounting period in which they are recorded;? 25% per year of the written down value in subsequent accounting periods except that in which the asset is disposed of;Income tax on profits is at a rate of 25%.What would be the amount for deferred tax in DM’s statement of financial position as at 30 September 20X3, in accordance with IAS 12 Income Taxes?
A USD3,750 B USD11,250 C USD18,750 D USD45,000
3 .The following information relating to taxation appears in the records of Stapley.Balance on income tax account on 1 January 20X2： USD187,500Income tax paid in 20X2 in full settlement for the year ended 31 December 20X1：USD 194,300Estimated income tax for the year ended 31 December 20X2：USD137,600What will the corporation tax liability be in Stapley’s statement of financial position on 31 December 20X2?
A USD194,300 B USD144,400 C USD137,600 D USD130,800
4 .DZ recognised a tax liability of USD290,000 in its financial statements for the year ended 30 September 20X5. This was subsequently agreed with and paid to the tax authorities as USD280,000 on 1 March 20X6. The directors of DZ estimate that the tax due on the profits for the year to 30 September 20X6 will be USD320,000. DZ has no deferred tax liability.What is DZ’s profit or loss tax charge for the year ended 30 September 20X6?
A USD310,000 B USD320,000 C USD330,000 D USD600,000
5 .At 30 April 20X3 the non-current assets of Shades have a carrying amount of USD365,700 and a tax written down value of USD220,000. The balance brought forward on the deferred tax account at 1 May 20X2 was USD33,000. The tax rate is 25%.What is the balance on the deferred tax account at 30 April 20X3?
A USD33,000 B USD36,425 C USD55,000 D USD91,425
7 .TS purchased 100,000 of its own equity shares in the market and classified them as treasury shares. At the end of the accounting period TS still held the treasury shares.Which ONE of the following is the correct presentation of the treasury shares in TS’s closing statement of financial position in accordance with IAS 32 Financial Instruments: Presentation?
A As a current asset investment B As a non-current liability C As a non-current asset D As a deduction from equity
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A As an equity instrument：1 and 2 only ；As a financial liability：3 and 4 only B As an equity instrument：2 and 3 only ；As a financial liability：1 and 4 only C As an equity instrument：2 only； As a financial liability：1, 3 and 4 only D As an equity instrument：1, 2 and 3 only； As a...
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A As either a liability or equity based on an evaluation of the substance of the contractual arrangement B As separate liability and equity components , basing the liability element on the present value of future cash flows C As equity in its entirety, on the presumption that all options to convert ...
10 .How should the proceeds from issuing a compound instrument be allocated between liability and equity components in accordance with IAS 32 Financial Instruments: Presentation?
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