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Taxation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Taxation

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • November 20, 2021 at 5:09 pm #641184
    annykitamy
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Sturridge plc had estimated its tax liability in 20×0 as £148,500. The liability was settled on 1 October 20×1 on the payment of £154,400. Tax on the profits in 20×1 is estimated at £179,000. As at 31 December 20×1 the tax base is £75,800 lower than the written down value of the corresponding assets. A balance of £18,400 is available in the Deferred tax account. Tax rate applicable is 25%.
    Select the tax expense and tax liability relating to the 20×1 financial statements

    Expense Current liability Deferred tax
    A, 172,550 179,000 17,850
    B, 179,000 148,500 18,400
    C, 203,850 327,500 37,350
    D, 185450 179,000 18,950

    November 20, 2021 at 6:14 pm #641192
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51560
    • ☆☆☆☆☆

    Deferred tax is specifically not examinable in Paper FA and is not relevant until Paper FR.

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