3 Tax Rule Allows Full Deduction For Research And Development When Incurred 4 Tax Rules Allow Cash Spent On Actual Re 1 (90.92 KiB) Viewed 19 times
3 Tax Rule Allows Full Deduction For Research And Development When Incurred 4 Tax Rules Allow Cash Spent On Actual Re 2 (90.92 KiB) Viewed 19 times
3. Tax rule allows full deduction for research and development when incurred. 4. Tax rules allow cash spent on actual repairs and refunds on warranties given. 5. Tax rate for the current year is 30%. Required: a) i) Determine the amount of deferred tax charged in the statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019. (9 marks) ii) If tax payable is RM500,000, prepare the journal entry to record the tax expense for the year 2019. b) Given below is the information for the year ended 2018 and 2019. Taxable temporary difference Taxable income 31 December 2018 31 December 2019 RM50,000 RM60,000 RM100,000 In November 2019, the government announced that the current tax rate of 28%, will be lowered to 25% effective from 1 January 2020. Calculate the tax expense, tax payable and deferred tax for the year ended 31 December 2019. (5 marks)
3. Tax rule allows full deduction for research and development when incurred. 4. Tax rules allow cash spent on actual repairs and refunds on warranties given. 5. Tax rate for the current year is 30%. Required: a) i) Determine the amount of deferred tax charged in the statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019. (9 marks) ii) If tax payable is RM500,000, prepare the journal entry to record the tax expense for the year 2019. b) Given below is the information for the year ended 2018 and 2019. Taxable temporary difference Taxable income 31 December 2018 31 December 2019 RM50,000 RM60,000 RM100,000 In November 2019, the government announced that the current tax rate of 28%, will be lowered to 25% effective from 1 January 2020. Calculate the tax expense, tax payable and deferred tax for the year ended 31 December 2019. (5 marks)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!