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Income Tax Balance Sheet Overview

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vietdung25112003
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23 views5 pages

Income Tax Balance Sheet Overview

Uploaded by

vietdung25112003
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Note 1 Lease hold revaluation @ 1.1.

X8

A1 Dr Lease hold property 4000 $000


Cr OCI/ Surplus 4000

A2 Dr COS 1500 $000


Cr Lease hold property 1500

A3 Dr COS 3000 $000


Cr PPE 3000

Note 2
A4 Dr Income tax exp 12500
Cr Current tax payables 12500

DTL required: 3300

A5 Dr DT expense 750
Dr OCI/Surplus 1200
Cr DTL 1950

a. Statement of comprehensive income


Ref $000
Revenue 190000
COGS A2,A3 134500
Gross profit 55500
Distribution cost 7100
Admin 23200
Finance cost 400
Profit before tax 24800
Income tax expense 13250
Profit after tax 11550
OCI A1, A5 2800
Total comprehensive inco 14350

b. Statement of changes in equity


$000
Share RE Surplus Total
OB 30,000 4,150 0 34,150
Profit after tax 11,550 11,550
Revaluation 2,800 2,800
EB 30,000 15,700 2,800 48,500

c. Statement of financial position

Non current assets Ref $000


PPE A1, A2, A3 34500

Current assets
Inventory 27400
AR 16500

Total assets 78400

Equity
Share 30,000
RE 15,700
Surplus 2,800

Non current liabilities


Deferred tax liabilities 3300

Current liabilities
Current tax Note 2 12000
AP 13500
Bank overdraft 1100

Total Equity & Liabilities 78,400


0
Dr Income tax payable Cr
OB: 500

PL 12500

EB: 12000

Dr DTL Cr
OB: 1350
PL 750
Revalue 1200

EB: 3300

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