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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › deferred Tax
the credit balance in the trial balance is the b/f
and the provision required is the calculation we need to calculate …
When the provision required is lets say 3000
and bf is 2700
then we credit the 300 to income tax expense in SPL
My question is , the credit bal in the trial bal bf is it the liability or asset?
Credit balances, according to (probably) the very, very, very first lecture that you have ever heard about double entry bookkeeping, can only be one of two things:
They are either:
incomes or
liabilities
OK?
