Contemporary Financial Accounting

Tab 1

1) Journal entry to account for current taxes:
Account		DR $	CR $

Tab 2

2) The deferred tax worksheet:
Accounts	Accounting carrying amount	Taxable amount	Deductible amount	Tax base	Deductible temporary differences	Taxable Temporary differences	Tax expense
Assets
Liabilities
		Cumulative temporary differences at period end
		Less: exempted differences
		Net temporary differences
		Tax effect 30%
		Less: beginning balances
		Movement for the period
		Tax on taxable income
		Income tax adjustments

Tab 3

3) Statements
V Ltd
Statement of Comprehensive Income for the year ended 30 June 2019
		$
Revenue
Expenses, excluding finance costs
Finance costs
Profit (loss) before income tax expense
Income tax expense
Profit for the period

1

2

3

4

5

6

7

8

9

A

B

1) Journal entry to account for current taxes:

Account