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Kaplan Example 1 Chapter 1 (pg10)

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Kaplan Example 1 Chapter 1 (pg10)

  • This topic has 0 replies, 1 voice, and was last updated 1 year ago by huiking.
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  • March 19, 2021 at 8:34 am #614731
    huiking
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    • Topics: 6
    • Replies: 1
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    Hi,
    The example here showed that the “income tax (remaining balance from previous year) $10k”, this is supposed to be a “tax payable account” or expense account in the SOPL? The answer shown in solution is that the taxation expense were added current year provision of $135k+10k, which is very confusing. Anyone can explain the meaning of the $10K? I thought it supposed to be a liability account (ie tax payable).

    Thanks

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