Acca financial Accounting (FA) Study Text ac ca (FA)

Chapter 23 

KAPLAN PUBLISHING

 

491 

95  Baldrick had the following balances in its statement of financial position as 

at 30 June 2004 and 30 June 2005: 

 

30 June 

2005 

30 June 

2004 

 $ 

$ 

Current liabilities 

 

 

Taxation payable 

800 

400 

Dividends 3,300 

2,500 

(declared before the year-end) 

 

 

Non-current liabilities 

 

 

8% Loan notes 

50,000 

40,000 

Equity 85,500 

45,500 

In the year ended 30 June 2005 taxation of $550 was paid. The additional 

loan notes were issued on 30 June 2005. 

What was the profit before tax of Baldrick for the year ended 30 June 

2005? 

$________ 

 96  At 31 December 2004, Topaz had provided $50,000 in respect of income 

tax. At 31 December 2005, the entity estimated that its income tax bill in 

respect of the year would be $57,000. The amount charged in the 

statement of profit or loss for the year ended 31 December 2005 in respect 

of income tax was $60,000.