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Prepare extracts from the statement of financial position

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Reference no: EM132546040

Plant purchased (cost )?-purchased on 1 Jan2008?????Rs. 500,000

Depreciation:

For Accounting???????Straight line method @ 20%

For Tax calculations???????First year at 50%

?????????Subsequently @ 20% on WDV

Tax rate???????????30%

Profit before tax and depreciation:

For the year ended

December 31, ???????????Rupees?

2008????????????      300,000

2009????????????     300,000

2010    ????????????300,000

Required:

Question 1. Prepare journal entries for the years 2008, 2009 and 2010

Question 2. Calculate the current and deferred tax liability and prepare extracts from the statement of financial position on December 31 and statement of comprehensive income for the year ended December 31

2008

2009

2010

Reference no: EM132546040

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