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Deferred tax opening balance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Deferred tax opening balance

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 31, 2021 at 10:30 am #633408
    khanhtran14
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    The trial balance of Highwood at 31 March 20X6 showed credit balances of $800,000 on current tax and $2.6
    million on deferred tax. A property was revalued during the year giving rise to deferred tax of $3.75 million.
    This has been included in the deferred tax provision of $6.75 million at 31 March 20X6.
    The income tax charge for the year ended 31 March 20X6 is estimated at $19.4 million.
    What will be shown as the income tax charge in the statement of profit or loss of Highwood at
    31 March 20X6?

    I have no idea why the Deferred Tax T- account have.
    Debits:
    6,750 carried forward

    I thought it was the DTL and the opening balance is credit
    Please help me.

    September 1, 2021 at 7:07 pm #633849
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6443
    • ☆☆☆☆☆

    Hi,

    The closing balance is the $6.75 million as stated within the question. The $2.6 million is the opening balance and from this we can then look at the movement, including that on the revaluation.

    Give it a try and see how you get on. Let me know if you’re still struggling.

    Thanks

  • Author
    Posts
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