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Calculate Income Tax Payable- Online Exam 1






1.

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Phnom Penh HR Company is best recruitment and consulting firm in Cambodia incorporated in the Kingdom of Cambodia and assume that company registered with the General Department of Taxation (GDT) in 2018. Company is subject to tax on income at 20%, and Company’s fiscal year is from 1 January to 31 December.

Financial statements prepared by accountant before tax on income adjustments are as follows:

   Phnom Penh HR Co.,LTD
   Income Statement   
   31 December, 2018   Notes 
Service Income   100,000  
Cost of service    (50,000)  
Gross Profit   50,000  
Operating Expenses :      
    Salary Expense 10,000    
   Fringe Benefit Expense 600   1
   Office Rental Expense 20,000    
   Electricity 400    
   Water supply 350    
   Tax Expenses 550   2
   Vehicle Repair  250    
   Travel 230   3
   Other Expenses  1,000   4
   Depreciation Expense 8,875   5
Total Expenses   42,255  
Profit Before Income Tax   7,745  
Income Tax    (1,000) 6
Net income………..   6,745  

Notes are as follows:

Note 1 :

Paid tax on fringe benefit of $100 on behalf of employees.

Note 2:

Tax Expense :  
    Patent 300
    Registration Tax 250
Total………….. 550

Note 3:

Paid withholding tax  of $30 on  behalf of taxi drivers.

Note 4:

Entertainment expense of $300.

Note 5 :

Tax Depreciation        
Type of Fixed Assets  Cost   Method   Dep- Rate   Dep- Exp
Computers 2,500  SL  25% 625
Office Equipment 3,000  SL  50% 1,500
Office furniture 3,000  SL  25% 750
Vehicle 20,000  Declining  30% 6,000
 Total……. 28,500     8,875

Note 6:

Income Tax refers to prepayment of income tax ( prepayment of profit tax /PPT).

Balance sheet of Phnom Penh HR as follows:

    Phnom Penh HR Co,LTD  
    Balance Sheet  
    31 December, 2018  
 Current Asset :    
   Cash    32,580  
   Office Supply         200  
   AR    10,000  
 Total Current Asset    42,780  
 Fixed Asset :    
    Gross of Fixed Assets    28,500  
   Accumulated Depreciation     (8,875)  
 Total Fixed Asset    19,625  
     
 Total Asset …………            62,405
 Current Liability :    
   VAT Payable         500  
   Salary Tax  payable           50  
  Fringe Benefit  Tax Payable           20  
   WHT payable            20  
   PPT Payable            70  
   AP      5,000  
 Total Liability      5,660  
 Equity :    
   Capital    50,000  
   Net income      6,745  
 Total Equity    56,745  
 Equity and Liability ….            62,405

Required:

 Ignore other information. Please calculate “Income Tax Payable” * per Cambodia Tax.

* Income Tax Payable = Tax on Income ( or Minimum Tax) – Prepayment of Income Tax

សូមប្រយត្ន័ | Please be careful :

1.your answer is only number without any symbols in “Answer Box”.

2.For example, assume your answer is $1,000 ,so write in “Answer Box” as : 1000

3.For example 2, assume your answer is N/A or $0 ,so write in “Answer Box” as : 0

Please Put Your Answer in the “Answer Box” below :  


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