Turnover........................N120,000 Net profit befor...
Use the information below to answer question
Turnover........................N120,000 Net profit before tax.........N40,000 Net profit b/f.....................N68,000 Proposed dividends: Ordinary shares....................N8,000 Preference shares................N6,000 Corporate tax is 30%........N10,000
What is the tax charged to profit and loss account?
N14,000
N60,000
N34,000
N20,000
Correct answer is D
No explanation has been provided for this answer.
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\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received dur...