CIMA Exam Practice Kit: Financial Accounting and Tax by Dak Patel, Walter Allan

By Dak Patel, Walter Allan

CIMA examination perform Kits consolidate studying via supplying an in depth financial institution of perform questions. every one resolution offers a detailed research of the proper solution and highlights why the choices are wrong. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision direction. It vitamins the legitimate CIMA examine platforms and CIMA Revision playing cards with a wealth of extra questions and fabric centred merely on making use of what has been learnt to passing the examination. CIMA examination perform Kits aid scholars arrange with self assurance for examination day, and to cross the hot syllabus first time. * is helping CIMA scholars to organize and cross the hot syllabus first time * perform using and showing wisdom so CIMA examiners can award you marks * presents labored solutions to completely clarify the proper resolution, and research of unsuitable solutions - assisting CIMA scholars stay away from universal pitfalls

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04 is 100,000 25,000 30,000 150,000 At 1 January 2004, the balance on the tax payable account was $110,000, being the estimated tax liability for the year ended 31 December 2003. 3 Describe the provisions of IAS 12 – income taxes – relating to the disclosure of current taxation in the financial statements of a company. Ignore the rules relating to the treatment of discontinued operations and for extraordinary items. 4 Company R prepares its financial statements applying IAS. The company is resident in a tax jurisdiction which operates the following rules for taxing companies: (i) Corporate income tax operates a partial imputation system whereby the full rate of tax is 25% but dividends received by shareholders – individuals and companies – are received net of 10% tax deducted at source.

Qxd 5/7/05 36 4:16 PM Page 36 Exam Practice Kit: Financial Accounting and Tax Principles royalties, rents, dividends and the proceeds of capital gains. Many DT treaties attempt to eliminate or reduce the need for WHT. Underlying tax is the corporate income tax on the profits out of which dividends are paid by the foreign company. 2 A company prepares accounts to 31 December each year. 03 (ii) Paid interest on debentures (gross) This includes tax deducted at source at the rate of 15% (iii) Received dividends (gross) from other companies.

Assuming that the earliest relief is taken for all the losses, calculate the amount that will be unrelieved at 30 June 2005. 12 Company H owns 100% of the ordinary share capital of Company J and 40% of the ordinary share capital of Company K. All the companies are resident in the same tax jurisdiction and all prepare accounts to 31 December annually. For the year ended 31 December 2004, results were: Taxable trading income Taxable investment income Chargeable gain H $ J $ K $ 2,000,000 200,000 300,000 10,000 60,000 60,000 The tax authority applies the following rules for the assessment of corporate profits: 1 Tax rates Taxable profits 1–100,000 100,001–1,000,000 1,000,001 and more Rate % 10 20 30 2 Two companies are associated companies for tax purposes if one company controls the other company or both companies are under common control of another company or person.

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