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Cash flow – tax paid calculation when a tax refund is due

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Cash flow – tax paid calculation when a tax refund is due

  • This topic has 0 replies, 1 voice, and was last updated 3 years ago by ThomasMcAlisterUnLtd.
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  • October 25, 2021 at 4:02 pm #639071
    ThomasMcAlisterUnLtd
    Participant
    • Topics: 7
    • Replies: 5
    • ☆

    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

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