A is a bank operating in country X. National legislation in X requires each bank operating in a given year to contribute 0.05% of its previous year’s revenue to banking supervision. This contribution is not refundable under any circumstances and relates
Entity A is a bank operating in country X. National legislation in X requires each bank operating in a given year to contribute 0.05% of its previous year’s revenue to banking supervision. This contribution is not refundable under any circumstances and relates only to banks with revenue exceeding P0.3 billion for a year in question. Entity A prepares its financial statements as a going concern for a year ending 31 Dec 20X0 with revenue amounting to P1 billion. Entity A
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