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Hi
I hope I am asking in the right place
I have a problem with Corporation Tax T account and because of this I am not sure what amount should go to Income Statement
I was wondering if you could help me
how to account for Tax if for example : Tax is estimated at €30,000 for the 2014 year. A tax payment was made on 31 December 2014 of €33,000
I know we have some prepayment or current asset of €3,000 as we overpaid
but what will go to Income Statement and to Balance Sheet (if anything apart from current asset of 3,00) and why
Thank you
You’re getting wound up about nothing! It’s 99% certain that the most you’re going to need with reference to tax is dealt with in the mini exercises (section 6?)
Get on top of those and you’ll collect all the marks for taxation in the F7 exam
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