• 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

20% off ACCA & CIMA Books

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

Income tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Income tax

  • This topic has 2 replies, 2 voices, and was last updated 5 years ago by P2-D2.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • May 1, 2020 at 12:27 pm #569687
    abe11234
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Trial balance entries:
    Income tax $3,400,000 (Credit side)
    Deferred tax $18,780,000 (credit side)

    The estimated income tax on the current year’s profits is $18 million. The provision for deferred tax should be $12 million, the balance in the trial balance is an overprovision of tax relating to the preceding year. Calculate the income and deferred tax entries for the Statement of Profit and Loss and the Statement of Financial Position in the current year.

    May 1, 2020 at 12:33 pm #569688
    abe11234
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Please help me when the entries to put in the Statement of Proft and Loss and the Statement of Financial Position

    May 2, 2020 at 4:22 pm #569811
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    The statement of financial position will show the estimate of the current year tax within current liabilities. There will also be the deferred tax position at the reporting date too.

    The statement of profit or loss shows the tax charge, being the current tax adjusted for any under/over provision and the movement in the deferred tax balance.

    Now that you have the basics, try and use this to answer the question above. Once you’ve had a go, let me know your answer and then I can tell you if you are right or wrong. If you’re wrong then I’ll correct you.

    Thanks

  • Author
    Posts
Viewing 3 posts - 1 through 3 (of 3 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

  • John Moffat on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)
  • John Moffat on Accounting for Management – ACCA Management Accounting (MA)
  • Hsaini on Accounting for Management – ACCA Management Accounting (MA)
  • kennedyavege@2023 on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)
  • John Moffat on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)

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