Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. plant was purchased on 2 january 2020 for r100

1. Plant was purchased on 2 January 2020 for R100 000. The depreciation rate 10%,...

60.1K

Verified Solution

Question

Accounting

image

1. Plant was purchased on 2 January 2020 for R100 000. The depreciation rate 10%, wear \& tear rate 20%. 2. Equipment was purchased on 30 June 2019 for R80 000 . The depreciation rate 20%, wear \&tear rate 25% 3. Land was Purchased for R200 000 on 1 January 2018. 4. The trade receivable balance as at 31 December 2021was R35 000. 5. Interest receivable as at 31 December 2022 is R10 000 6. Dividends receivable balance from wholly owned subsidiary at 31 December 2022 for R7500 7. R400 000 is being claimed for residual damages from products sold. It seems likely that the company will have to pay for damages. The damages will be tax deductible. - Applicable tax rate for deferred tax purposes should be 28%. - Land is NOT depreciated and allowed by SARS to have any allowances. - Dividends are not taxable REQUIRED: Calculate deferred tax for the year ended 31 December 2021 and 2022

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find a journal article online about the convergence of International Financial Reporting Standards (IFRS). Post a...

Finance
Q

Part A: Find the slope of the tangent line to the graph of f(x)=√(5x+9) at the...

Basic Math
Q

possibility tree One box contains two black balls (labeled B1 and B2) and one white ball. A...

Statistics
Q

List the names of five parts of your first line of defense IN DETAIL.

Medical Sciences
Q

What is Homeostasis? And how is the physiological system of equilibrium work in the homeostasis?   

Medical Sciences
Q

Consider a thick conducting shell of inner radius R outer radius R as shown in...

Physics
Q

Which of the following correctly defines respiration rate The number of breaths a person takes...

Basic Math
Q

Rewrite the complex number 5e^6i in a + bi form

Algebra
Q

Per the modified approach, a government need not a. capitalize infrastructure assets. b. depreciate infrastructure...

Accounting
Q

El sistema de atencin mdica Bright Road un sistema de registro de salud desactualizado ....

Accounting
Q

Question 8 5 pts Your father is about to retire, and wants to buy an...

Finance
Q

Using the previous closing price from the provided quote, calculate the approximate number of shares...

Finance