Use the information below to answer questions Turnover...........................?120 000 Net profit before tax..............?40 000 Net profit b/f............

Assessment: JAMB UTME - Principles of Accounts - 2006 Subject: Financial Accounting

Question 1 Report

Use the information below to answer questions Turnover...........................?120 000 Net profit before tax..............?40 000 Net profit b/f.....................?68 000 Proposed dividends: Ordinary shares....................?8 000 Preference shares..................?6 000 Corporate tax is 30%...............?10 000

What is the tax charged to profit and loss account?

₦14 000

₦60 000

₦34 000

₦20 000