By Dak Patel, Walter Allan
CIMA examination perform Kits consolidate studying by means of supplying an intensive financial institution of perform questions. each one answer offers a close research of the proper resolution and highlights why the choices are wrong. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision path. It vitamins the respectable CIMA examine structures and CIMA Revision playing cards with a wealth of extra questions and fabric concentrated in simple terms on using what has been learnt to passing the examination. CIMA examination perform Kits support scholars organize with self assurance for examination day, and to go the recent syllabus first time. * is helping CIMA scholars to arrange and move the recent syllabus first time * perform making use of and exhibiting wisdom so CIMA examiners can award you marks * offers labored solutions to completely clarify the right kind resolution, and research of flawed solutions - assisting CIMA scholars steer clear of universal pitfalls
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Additional info for CIMA Exam Practice Kit: Financial Accounting and Tax Principles
E. directly or indirectly through another company) in the ordinary share capital of the subsidiary, and; (b) all the companies party to a loss claim are resident in the same tax jurisdiction. Calculate the corporate tax liabilities of all companies for the year ended 31 December 2005 assuming the capital and trading losses are relieved in the ways generating the greatest tax saving for the group as a whole. 3 Adjustment of trading profit C Ϫ $ Net profit Accounting depreciation Interest payable on loan for non-trading purpose Capital gain ϩ $ 500,000 50,000 80,000 60,000 60,000 630,000 (60,000) 570,000 A Profit only after adding back depreciation B As for C, and donation wrongly added back D As for C, except interest payable not added back.
3 Adjustment of trading profit C Ϫ $ Net profit Accounting depreciation Interest payable on loan for non-trading purpose Capital gain ϩ $ 500,000 50,000 80,000 60,000 60,000 630,000 (60,000) 570,000 A Profit only after adding back depreciation B As for C, and donation wrongly added back D As for C, except interest payable not added back. 4 Adjustment of trading profit B Ϫ $ Net loss Accounting amortisation Repairs to roof* Donation to political party ϩ $ 90,000 90,000 65,000 100,000 10,000 175,000 (90,000) 85,000 * The repair is capital expenditure because (i) the asset was incapable of being used for the trade prior to the work being completed, and (ii) the need for the repair to the building pre-dated its acquisition and it would be assumed that the purchase price had been discounted to reflect the poor condition of the asset.
At 1 January 2004, the tax payable account showed a credit balance of $122,000, being the estimated current tax liability for the year ended 31 December 2003. In respect of the year ended 31 December 2004: (i) Calculate the adjusted trading profit for tax purposes. (2 marks) (ii) Calculate the corporate income tax liability on the total taxable profits. qxd 5/7/05 4:16 PM Page 41 Taxation in Financial Statements 41 3 the payment of the finally agreed 2003 tax liability amounting to $125,000 (2 marks) 4 the provision for the current year’s tax liability.
CIMA Exam Practice Kit: Financial Accounting and Tax Principles by Dak Patel, Walter Allan