The accounting profit before tax for the year ended December 31, 2021, for JENDEUKIE Co.amounted to P175,900 and included:Interest income11,000Long-service leave expenseDoubt ful debts expense7,0004,200Depreciation - plant (15% p.a)Rent expense33,00022,800Entertainment expense (non-deductible)3,900The draft statement of financial position at December 31, 2021 contained the followingassets and liabilities:20207,50076,8002021Cash9,000Accounts receivable83,000(5,000)67,100Allowance for doubtful debts(3,200)Inventory58,300Interest receivablePrepaid rent1,0002,8002,400Plant220,000220,000Accumulated depreciation - plant(99,000) (66,000)Deferred tax asset?30,3602021202073,60061,000Accounts payable71,200Provision for long-service leave64,000Deferred tax liability720Additional information:The tax depreciation rate for plant is 10% p.a., straight line.The tax rate is 30%The company has P15,000 in tax losses carried forward from previous year.Based on the given information, compute for the following:9. Current tax liability10. Deferred tax liability11. Deferred tax asset12. Deferred tax expense

Answer 9) Calculation of Current Tax Liability: Profit before tax 1,75,900 Less:…

punted to P175,900 and included: nterest income ong-service leave expense 11,000 7,000 4,200 pubtful debts expense epreciation - plant (15% p.a) ent expense ntertainment expense (non-deductible) 33,000 22,800 3,900 edraft statement of financial position at December 31, 2021 contained th sets and liabilities:

punted to P175,900 and included: nterest income ong-service leave expense 11,000 7,000 4,200 pubtful debts expense epreciation - plant (15% p.a) ent expense ntertainment expense (non-deductible) 33,000 22,800 3,900 edraft statement of financial position at December 31, 2021 contained th sets and liabilities:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oo.94. Subject :-Account
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