Question 2 Eff Date: 18-03-2021 In the accounting year to 31 December 2013, Neil Down Co made an operating profit before taxation of P110,000. Income tax on the operating profit has been estimated as P45,000. In the previous year (2012) income tax on 2012 profits had been estimated as P38,000 but it was subsequently agreed at P40,500. A transfer to the credit of the deferred taxation account of P16,000 will be made in 2013. Required (a) Calculate the tax on profits for 2019 for disclosure in the accounts. (12 marks) (b) Calculate the amount of tax payable for 2019. (3 marks) ev 006