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Good morning Mike,
I’ve posted this question before but I’m not sure if it was subscribed correctly in the website as I haven’t gotten any feedback.
Question 2: I’m totally lost with the answer to question 2, I don’t understand where the figures included in the bookings are coming from.
Question 9: I don’t understand the bookings in the answers and the figures included on them. Where are the amounts from the revaluation reserve coming from? In the question there is not info about any revaluations f.e.
Question 15: I don’t get why the transfer from current to defferred is the result of the deduction of the liability to deffered tax minus of the deffered tax liability in the TB. Shouldn’t the transfer be for the amount that is included in the current tax liability in TB only? On the other hand, on both questions I’m not able to follow how do we get the figures from the second booking ( DB P&L; CR current tax).
Question 16: I don’t get why the transfer from deffered to current is the result of the deduction of the deffered tax liability in the TB minus the amount that comes from the company’s net assets figure that was calculated less than the carrying amount. Shouldn’t the transfer be for the amount that is included in the deffered tax liability in TB only?
Thanks for the support and time you take to explain us our doubts Mike!
Cheers!
Miguel, I’ve not forgotten you! Your original post left me speechless telling me that effectively all the taxation mini-exercises were beyond you.
In order to be able to reply to you I need access to a proper computer rather than try looking at the questions and answering emails on an iPad.
Hopefully I shall get to a computer tomorrow and I’ll get back to you then.
Meanwhile, please type a very brief reply to this post so that your name will appear on the Ask the Tutor page as a question outstanding
Ok?
Oh! That’s great! I was just not sure if you received the post 🙂 Definitely,I will wait without any problem as much as you need, even more today is Sunday! So actually many thanks for making some space for all of us today 🙂
Enjoy the rest of the weekend 🙂
Mike/Miguel,
I am struggling with some of these questions as well.
Q9, I don’t understand where the revaluation reserve comes from.
Q10 I don’t understand why there isn’t a revaluation reserve.I am hoping this is just small errors in the answers?
I believe that questions 9 and 10 are missing some crucial bits of information
If you wish to try them, you’ll find the original question as an extract from question 2 in the F7 exams for June and December 2011 respectively
Miquel, you need to spend more time with this taxation mini topic. See if you can find me working through on the revision lecture recordings where I explain the taxation workings
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