Question
Barrot Ltd's accounting profit for the year ended 31/12/2020 was $1,800,000. The following items have been charged or credited to the profit and loss account
Barrot Ltd's accounting profit for the year ended 31/12/2020 was $1,800,000. The following items have been charged or credited to the profit and loss account in arriving at $1,800,000. Interest on tax reserve certificates of $50,000 and exchange gain (unrealised) from year-end conversion of foreign currencies bank deposit of $20,000 were credited. Annual contribution to MPF of $180,000 was charged (salary of the relevant staff for the year was $1,000,000). Barrot Ltd's assessable profit for the year of assessment 2020/21 is: Select one:
a. $1,800,000.
b. $1,760,000.
c. $1,960,000.
d. $2,010,000.
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