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How is tax, if refunded from inland revenue department treated in financial statements?
Dr Cash, Cr Current Tax Account
Then, at the end of the year,
calculate the liability for this tax on this year’s profits and carry forward that liability in the current tax account,
juggle the deferred tax account and
balance that account off to the current tax account,
and then balance off the current tax account taking the balancing figure to the statement of profit or loss as the tax charge for the year
Ok?
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