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Sir, here in solution in w1 examiner has shown following
Income tax:
Provision b/f (1,850)
Profit or loss charge (600)
Provision c/f 500
Tax paid (= balance) (1,950)Sir 2 things I want to ask related to above working
1) Firstly if instead of the above working, I show it in following way so is it fine
Income tax:
Provision b/f 1,850
Profit or loss charge 600
Provision c/f (500)
Tax paid (= balance) 1,9502) Secondly, when performing the cashflow statement on spreadsheet then is it necessary to show the above working seperately, if instead of this we just put formula in cell showing tax paid i.e = -(1850+600-500) , would this be fine?
Hi,
1) Yes you can show it your way, as long as you get the same figure and the same cash flow (i.e. inflow/outflow)
2) I’d show the working as if you get the wrong number then you would still get partial credit if you show the working, whereas if you just put in the formula then yo wouldn’t score any marks if the answer is wrong. Remember, the examiner cannot see the formula within the cell, they just see your final answer.
Thanks
Sir from 13.12 to 13.24 it says that “all of the CRQs are expert marked by real markers. These markers can see if you have used formula in the cell and will follow through when marking the exam”
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