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Hello sir,
If we want to examine the tax payable account for any missing component within it ,do we have to include the deferred tax,
2- how many tax accounts we have to consider within the accounting system ,like tax payable,deferred tax,and current tax.
can you please help me in this ,somewhat tricky,
Thanks,
Hi,
I’d look at the accounts separately. Using the tax payable account will help you with the current tax expense and then the deferred tax account will help you with the movement in deferred tax.
You can then combine the two figures to calculate the total income tax expense for the period.
Thanks
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