Otlay Ltd prepares accounts to 31 July each year. The company's financial statements for the year to 31 July 2022 showed a liability for current tax of £120,000. This was an estimate of the current tax due for the year to 31 July 2022. The following information is also available:
(a) The current tax due for the year to 31 July 2022 was finally agreed with the tax authorities to be £127,000 and this sum was paid on 1 May 2023.
(b) Current tax due for the year to 31 July 2023 is estimated to be £140,000. Prepare a current tax ledger account for the year to 31 July 2023, showing the amount of the current tax expense for that year and the amount of the current tax liability as at the end of the year.