Add

Less

TOAP 1,800,220
Dividend - Low Rate (37,275)
Capital Gain (30,240)
Disallowed Penalty 18,000
1,750,705

CTE 1,758,465
DTE (7,760)
1,750,705
PBT 4,500,550

Acc Depr 600,000

Penalty [Disallowed] 45,000
Gratuity Accrued 250,000
Bad debt expense 75,000

Tax Depr (725,000)

Gratutiy Paid (100,000)
Capital Gain - Exempt (75,600)
Dividend - Low Rate (124,250)
Bad debt w/off (40,600)
Interest Paid
Interest expense (40,000)
4,365,100

Current Tax @ 40% 1,746,040

Dividend Tax 12,425
1,758,465
Very Easy
Very Easy
Easy
Easy and Basic Question
Easy and Basic Question
Easy and Basic Questions
Basic Questions
Basic Questions
Easy Question
Easy & Basics
Basic
Easy & Basic
Easy & Basic
Easy
Easy
Basic
Basic FAR II PP
 Accounting Profit

Acc. Depr
Tax Depr
Receivable
Gratuity Prov
Loss Before Tax

Next Year

Accounting Profit
Deff Tax BS approach of CY me yeh 53000 direct less kar k show hoga Acc. Depr
Next year kuch b nhe ayega Tax Depr
baki sab same Fee Received
Accrued Fee
Gratuity Exp
Gratuity Paid
Profit Before Tax
Less: Cf Loss

Tax @ 40%
 5,000

45,000
(80,000)
(40,000)
17,000
(53,000)

700,000
45,000
(64,000)
80,000
(100,000)
20,000
(8,000)
673,000
(53,000)
620,000
(248,000)
CAF PP
Basic
CAF PP
CAF PP
Basic
Basic
TOAP 1,840,000
Tax on PD 417
1,840,417

CTE 1,826,033
DTE 14,383.33
1,840,417
Current Tax

Profit Before Tax 4,600,000

Acc. Depreciation 28,700
Tax Depreciation (18,750)
Tax Depreciation (10,417)
Acc. Depreciation - Allowable 8,333
Acc. Depreciation - Not Allowable 1,042 How
Interest on Disposal Liab 625
Installation Cost (14,500) Incorrect figure
Prov for Warranty Exp 400,000
Prov for Warranty Reversal (126,550)
Warranty Paid (296,950)
Loss on disposal Realized (6,450)
PBT 4,565,084
Tax @ 40% (1,826,033)

Adj Acc Profit 4,601,042

Taxable Profit 4,565,084
Difference 35,958
DTE 14,383.33
 Add
TOAP 12,692,213
Tax on Donation 196,875
tax on Dividend Income (128,125)
Prior year Tax (630,000)
12,130,963
Less
CTE 7,664,853
DTE / (DTI) 4,466,110
12,130,963
 Own Fixed Asset - Acc Own Fixed Asset - Tax
Op 112,723,042 Disposal 650,000 Op 96,550,000

Add 7,500,000 Depr 9,385,542 Add 7,500,000

Cl 110,187,500

Leased Fixed Asset - Acc Leased Fixed Asset - Tax

Op Disposal - Op

Add - Depr 1,815,212 Add -

Cl

Calculation of Accounting Profit

Sales 177,633,594
COS (122,106,875)
Depreciation (9,385,542)
Depreciation (1,815,212)
Donations (562,500)
Financial Charges (2,237,500)
Other Expenses (6,150,000)
Dividend Income 512,500
Gain on sale of Machine 375,000
Accounting Profit 36,263,465

Depreciation 9,385,542
Depreciation 1,815,212
Donation 562,500
Tax gain on Disposal 575,000
Bad debt exp 853,750
Interest on Lease 1,750,222
W/off (200,000)
Lease Payment (3,811,581)
Tax Depr (8,501,758)
Acc Gain on Disposal (375,000)
Dividend Income (512,500)
37,804,852
B/f losses (14,251,700)
23,553,152
CTE - CY @ 35% 8,243,603
CTE - CY - Reduced Rate 51,250
CTE - PY @ 35% (630,000)
7,664,853
 Own Fixed Asset - Tax Lease Liab
Disposal 450,000 Payment 2,061,359 Op =

Depr 8,501,758 Int 17,498,259

Cl 95,098,242 Cl 15,436,900

Leased Fixed Asset - Tax

Disposal -
Acc WDV
Depr SP
Gain 375,000

Cl
PP
PP
PP
 Profit before Tax

Add Accounting Depr

Gratuity Accrual
Deduction not allowed
Receivable Recovered

Less Tax Depr

Gratuity Paid
Gain on disposal - Machine
Deduction Allow - CY

Need to discuss Stock workin

Profit before Tax 2,200,000 Gratuity Payabe
Payment 200,000 Op -
Accounting Depr 20,500,000
Gratuity Accrual 1,200,000 Exp 1,200,000
Deduction not allowed 400,000 Why 1Mn addback Cl 1,000,000
Receivable Recovered 40,000 Why less in sol

(15,500,000)
Gratuity Paid (200,000)
Gain on disposal - Machine (400,000)
Deduction Allow - CY (120,000)

Need to discuss Stock working with Haris

Basic
Add

Less
Revenue 150,500
Cost of sales (75,500)
Operating Expenses (12,050)
Depreciation (20,434)
PBT 42,516
Depreciation 20,434
Employee Benefit 4,500
NRV Stock 2,000
Prov for Bad debt 10,000
Tax Depreciation (25,063)
54,388
B/f Unused Loss (35,500)
18,888
Current Tax @ 35% 6,611

TOAP 14,881

CTE 6,611
DTE /(DTI) 8,270
14,881
Theory Question
Accounting

Tax
Accounting
Year Instruments FV Time CE PE
1 1000 6 1/4 1500 1500
2 1000 6 1/2 3000 1500
3 1000 6 3/4 4500 1500
4 1000 6 1 6000 1500

Year Instruments FV Time CE PE

1 1000 6 1/4 1500 1500
2 1000 10 1/2 5000 3500
3 1000 7 3/4 5250 250
4 1000 6 1 6000 750
Net Assets 200,000
Customer List 12,400 Consideration 298,000
Dvp Cost 13,600 FV of NA Excl DT (207,300)
Cont. Liab (6,700)
Bf Losses (12,000)
207,300