Question on: JAMB Accounting - 2006
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
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Correct Option: D
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