Advanced Corporate reporting

DefferedTaxWorkings.xlsx

Computation

Merinda Limited
Assessment Year ('AY'):		2018-19
Previous Year ('FY'):		2017-18
Computation of total income
Sl.No.	Particulars		Amount `	Amount `
I	Profits and gains from business and profession
	Profit before taxes (as per statement of profit and loss)			2,917,000
	Add: Inadmissible expenses
	Provision for trade receivables		126,000
	warranty expenses		151,200
	Long Service Leave		252,000
	Depreciation as per books of account		201,000
				730,200
				3,647,200	10006901005	(10,003,253,805)
	Less: Admissible expenses
	Preapid Insurance		51,900
	Deduction u/s 32AC
	Deduction u/s 35(2AB)
	Warranty Expenses paid		50,400
	1/5 of merger expenses u/s 35DD
	Long service leave paid		163,800
	Depreciation as per the Income-tax Act		160,800
				426,900
	Income from Business before claiming deduction under chapter VIA
	Profits and gains from business and profession			3,220,300
IV	Total Income			3,220,300
V	Computation of Income Tax payable
	Income Tax Payable on Total Income @ 30%			966,090
VI	Total Tax Payable under regular provisions			966,090

Merinda Limited
Deferred Tax Liability as at 30.06.2018
Particulars	Accounting base	Tax base	Deductible Temporary Differences	Taxable Temporary Differences	Tax Expense	Revaluation Surplus	Income Tax Payable
Assets
Cash	103,700	103,700
Inventories	577,800	577,800
Trade receivables	378,000	504,000	126,000		(126,000)
Prepaid Insurance	51,900	- 0
Machinery	1809000	1849200		40200	40200
Land	2268000	1470000				-798000
	5,188,400	4,504,700
Liabilities
Payables	403200	403200
Provision for warranty Expenses	100800	0	100800		-100800
Loan Payable	975000	975000
Provision for long service leave	88200	0	88200		-88200
	1567200	1378200
Net Assets	3,621,200	3,126,500
Temporary Differences at period end			315,000	40,200	(274,800)
Total Revaluation Surplus						-798000
Less : Prior Period Items			0	0	0	0
Movement For The Period			315,000	40,200	(274,800)	-798000
Tax Effect @ 30 %			94,500	12,060	(82,440)	(239,400)
Tax on Taxable Icome					966090		966090
Income Tax Adjustments			94,500	12,060	883,650	(239,400)