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IAS 12

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 12

  • This topic has 5 replies, 2 voices, and was last updated 10 months ago by P2-D2.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • July 27, 2021 at 7:56 am #629536
    pano
    • Topics: 12
    • Replies: 4
    • ☆

    While making T account of TAX why we put Rvaluation reserve (tax) twice one on closing side which is understandable but why we also put on DR side of T account ? and why over proviion on cr side even it reduce our liability ?

    July 28, 2021 at 10:20 pm #629709
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6119
    • ☆☆☆☆☆

    Hi,

    I don’t quite follow your question on the revaluation. Could you highlight where you have seen this please?

    On the over provision, we have paid to much in the prior year and so the credit represents the reduction we make to this years tax expense.

    Thanks

    July 29, 2021 at 1:31 pm #629783
    pano
    • Topics: 12
    • Replies: 4
    • ☆

    Hope you will be safe and fine iam appreciating you for the response because it helps me alot i understand the credit shows reduction but while making T ACCOUNT of TAX we we put this on CR side AS YOU mentioned that it shows reduction but the CR side of the T account of TAX shows increase in tax

    THANKS

    August 1, 2021 at 9:42 am #630009
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6119
    • ☆☆☆☆☆

    You’re over thinking it, but when the account is closed off we would then be debiting the account and crediting the profit or loss. A credit to profit or loss reduces the profits.

    Thanks

    August 2, 2021 at 8:20 am #630095
    pano
    • Topics: 12
    • Replies: 4
    • ☆

    thanks for solving my query

    August 8, 2021 at 10:11 am #630743
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6119
    • ☆☆☆☆☆

    You’re welcome!

  • Author
    Posts
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