Damelin

INDERR TAX$][$IAS$12][45$ marks$]1$ March $2010$ at a cost R$250000.$ The land is not have been allowed for tax purposes. cost of the land is R$250000.$ year ended $28$ February $2013$ for R$300000.$ The base

The following information is also relevant to the tax computation.

Expenses prepaid amount to R$40000$ at $28$ February $2013$ and RO at $28$ February $2012.$ These expenses are allowed as a deduction to tax purposes when paid.

A donation of R$30000$ was made during the year. The donation is not allowed as deduction for taxation purposes. There are no other differences between accounting profit and taxable profit other than those evident from information given.

The income tax rate is $30\%$ and inclusion rate of the of the capital gain taxable profits is $50\%.$

The profit before taxation of Look Limited for the year ended $28$ February $2013$ is correctly calculated at R$100000.$

Required

$($a$)$ Calculate the current tax and deferred taxation for $2011$

$[10]$

$($b$)$ Show the journal entries relating to the tax in the $2011$ year.

$[10]$

$($c$)$ Show ledger accounts for current and deferred tax for the $2011$ year.

$[5]$

$($d$)$ Prepare the income tax expense note.

$[5]$

$($e$)$ Prepare extracts from the statement of comprehensive income for the year ended $28$ February $2011.$

$[10]$

$($f$)$ Prepare extracts from the statement of financial position as at $28$ February $2011.$

$[5]$