The year-end Trial Balance of Flavour plc reports a credit balance of 1,500 described as taxation. This
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The year-end Trial Balance of Flavour plc reports a credit balance of £1,500 described as taxation. This represents an over-provision for previous year’s taxation. Tax on the current year’s profit is estimated as £58,200. Identify the taxation expense to be included in current year’s Statement of income and, as current liability, in the corresponding Statement of financial position.
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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