Exam (elaborations)
FAC3701 ASSIGNMENT 1 SEMESTER 2 OF 2023
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FAC3701 ASSIGNMENT 1 SEMESTER 2 OF 2023For accademic needs contact
email: info@unitutorials.co.za
Cell: 065 160 9781
We do offer online classes via zoom application on
Mondy 20:00
, Required
(a) Journal entry in accounting records of Brickblock Ltd
10-Jan-22
Shareholders for dividend (SFP) (400 000*80%) 320 000
SARS-Dividend tax payable (SFP) (400 000*20%) 80 000
Bank (SFP) 400 000
Dividend paid to shareholders and dividend tax paid to SARS
(b) Income Tax expense note
Major components of tax expense
SA Normal Tax
Current Tax 1 885 685
Current year 1 881 685
Underprovision prior year (800 000*28%-220 000) 4 000
Deferred Tax
Movement in temporary differences (147 000*28%) 41 160
SA Normal Tax 1 926 845
Foreign Tax 47 625
1 974 470
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