Answer to Question #209844 in Management for hamza khan

Question

BBA VII AND Co Limited’s financial position statement for year 2020 is showing Deferred tax liability of Rs. 360 Million and Current tax liability of Rs. 150 Million. Similarly, deferred tax amount of Rs. 420 Million and current tax liability of Rs. 170 Million is declared in Year 2021. Current year tax expense in the statement of Profit & loss for year ended June 30, 2021 is showing Rs. 280 Million. How much tax was paid during July 01, 2020 till Jun 30, 2021.

 (4 Points)

 200 Million 

250 Million

 320 Million 

190 Million

Answer 1

Year

Deferred Tax

Current Tax

2020

360, 000, 000

150, 000, 000

2021

420, 000, 000

170, 000, 000

 

Gross profit = 280, 000, 000

Deferred Tax= 150, 000, 000 + 170, 000, 000= 320, 000, 000