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
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FAStatement of financial position
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.
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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