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provision for tax account

Forums › ACCA Forums › ACCA TX Taxation Forums › provision for tax account

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by mrjonbain.
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  • Author
    Posts
  • January 8, 2022 at 4:41 pm #645516
    vivekpal
    Participant
    • Topics: 4
    • Replies: 2
    • ☆

    question : from the below information derive the closing balance of provision for income tax
    account if opening balance is 500.
    last year tax paid 400.
    advance tax paid for current year 2000.
    net tax payable for current year 1500

    my working : provision for tax account

    500-cr
    400-dr
    2000-dr
    1500-cr
    cl. bal. (400)cr

    but the options are : 1500 , 3500 , 5100 , 1600

    here I don’ t understand advance tax paid for CY is an asset or liability?
    Sir please solve. Thanks

    January 8, 2022 at 6:53 pm #645517
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2489
    • ☆☆☆☆☆

    This forum is primarily designed for students to help one another. If you want the tutor to answer directly please use the following forum-

    https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-taxation-tx-uk-exams/

    Hope this helps.

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