What is Deffered Tax?
Answer Posted / vinay
A tax liability that a company owes and does not pay at
that current point, although it will be responsible for
paying it at some point in the future. This is often caused
by a difference in a company's balance sheet, due to the
differences between accounting practices and tax
regulations. Occasionally, a company will have a difference
in their taxable income and income before tax due to these
differences, resulting in a deferred tax liability.
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In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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