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Hi i want to know whats the meaning/difference between tax charged for the year and tax charged to SOPL?
Because i had a look in the answer from my exam kit and it goes like this:
Deferred tax increase 7000
less tax on rev gain (3000)
=Tax charge to SPL: 4000Tax expense:
Current year estimate 12000
Prior year overprovision 7K
Deferred tax 4K
= Charged for the year: 9KI did my T account and got the answer but i just put it as I/S expense for the year.
Then what value should appear on the final account? Appreciate if you could explain tax charge to SPL. thank youHi,
The tax charged to profit and loss is the tax expense that appears in the financial statement.
Thanks
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