• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

June 2025 ACCA Exam Results

Comments & Instant poll >>

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for June 2025 exams.
Get your discount code >>

income tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › income tax

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 30, 2018 at 10:21 pm #449568
    krisi
    Member
    • Topics: 11
    • Replies: 4
    • ☆

    Hello,

    there is a debit balance relating to income tax of 500 included in the trial balance. It is estimated that the income tax liability for the year is 8000. What amount should be included in SOFP and SOPL?
    A debit balance means that the state owes us money and it must reduce our liability by 500 = 7500 which must appear in SOPL as an expense. The answer is 8500..

    May 1, 2018 at 6:09 am #449604
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    It is difficult to give a precise answer without seeing the full question.

    However the balance presumably relates to the tax expense account, in which case it is not a receivable but is an expense.

    An extra liability for this year of 8,000 brings the total to 8,500.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • Abdjr11 on Financial management objectives – ACCA Financial Management (FM)
  • John Moffat on FA Chapter 6 Questions Depreciation
  • Masterodad on FA Chapter 6 Questions Depreciation
  • natashad25 on MA Chapter 3 Questions Presenting Information
  • Rachaelosa on PPE – Financial Statements and PPE – ACCA Financial Reporting (FR)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in