What is the tax charged to profit and loss account?
Use the information below to answer questions 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?
A N 14 000
B N 60 000
C N 34 000
D N 20 000
Answer is D
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