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Statement of financial position

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Statement of financial position

  • This topic has 2 replies, 3 voices, and was last updated 10 years ago by alkemist.
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  • January 28, 2015 at 4:00 am #224035
    Gabriel
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    current year provisional tax payments – 287000
    VAT Control account – debit balance of 12000
    Foreign tax unpaid – 3000
    Current year tax expense – 280000
    Given the above information, how will it appear in the statement of financial position. Please help

    March 4, 2015 at 6:57 pm #231302
    Ali
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    I guess only the current year’s tax expense should be shown in SOFP as other provisions are deducted or added back in the SOP&L.

    March 10, 2015 at 12:35 am #231857
    alkemist
    Participant
    • Topics: 2
    • Replies: 488
    • ☆☆☆

    Not fully certain what you are asking, but these are the balances which would be reflected in the SOFP.

    Taxation recoverable: $7,000 (287,000 – 280,000)
    VAT recoverable: $12,000
    Tax payable: $3,000

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