Use the information below to answer questions Turnover...........................N120 000 Net profit before tax..............N40 000 Net profit b/f.....................N68 000 Proposed dividends: Ordinary shares....................N8 000 Preference shares..................N6 000 Corporate tax is 30%...............N10 000 What is the tax charged to profit and loss account?

Use the information below to answer questions Turnover...........................N120 000 Net profit before tax..............N40 000 Net profit b/f.....................N68 000 Proposed dividends: Ordinary shares....................N8 000 Preference shares..................N6 000 Corporate tax is 30%...............N10 000

What is the tax charged to profit and loss account?

A N 14 000
B N 60 000
C N 34 000
D N 20 000

jamb 2006 accounting

The correct answer is D. N 20 000

No explanation given

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