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Particulars Debit (RM'000) Credit (RM'000) Income tax paid 1,651 Income Tax Payable 1.208 The current year tax rate is 25%. After the tax calculation is
Particulars | Debit (RM'000) | Credit (RM'000) |
Income tax paid | 1,651 | |
Income Tax Payable | 1.208 |
The current year tax rate is 25%. After the tax calculation is done by an authorized tax agent, the company's income tax expense for the year ended 30 June 2019 was estimated at RM1,512,000. Calculation of the tax expense is takes into account all related expenses and income such as expenses that are not allowed to be tax deductible, double deduction expenses and also capital allowance of the companys assets.
Prepare the journal entries and the extract of the financials.
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