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Taxation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Taxation

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 18, 2016 at 7:38 am #349733
    anu1234
    Member
    • Topics: 78
    • Replies: 65
    • ☆☆

    What is the difference between Taxation mention in P&L and Taxation mentioned in Current liabilitees

    November 18, 2016 at 2:03 pm #349801
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23316
    • ☆☆☆☆☆

    The first is an expense

    The second is a liability

    OK?

    November 18, 2016 at 3:24 pm #349840
    anu1234
    Member
    • Topics: 78
    • Replies: 65
    • ☆☆

    If i pay my taxes for the year it should only appear as an expense right

    November 18, 2016 at 4:04 pm #349857
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23316
    • ☆☆☆☆☆

    No!

    At the end of last year, when you were calculating how much tax you were going to have to pay on last year’s profits, that estimated tax liability would be shown in last year’s financial statements as an expense and as a liability

    Then, when you pay this year for taxes on last year’s profits, that will be shown as an outflow of cash settling a brought forward liability

    OK?

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