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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Cash flow – tax paid calculation when a tax refund is due
Hi John,
I hope you are well.
Could you help with my thinking with this one…
In MTQ 9 in Kaplan you have to calculate tax paid for the cash flow. The question states that there is a tax refund due as a result of making a loss. The details are:
Income tax liability b/f in sofp is 5000
Income tax recoverable in P&L is 500
Income tax recoverable (asset) in sofp is 500
Tax paid is 5000
I can see what they have done in the answer but can’t quite explain it in words if I was asked to describe what’s happening to someone else.
Could you help?
Thanks