The Spot Group had the following items in its opening and closing group statements of financial...

 

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The Spot Group had the following items in its opening and closing group statements of financial position at the beginning and at the end of At 1 January 2016 At 31 December 2016 $ 000 $ 000 Current tax payable 250 325 Deferred tax (liability) 136 165 The Spot Group acquired a 60% holding in a subsidiary, Entity B, on 7 May 2016 The total tax liability of Entity B at this date was $120,000. The total charge for taxation in the consolidated statement of profit or loss of the Spot Group for the year to 31 December $ was $ 950,000. Required What was the cash payment for taxation during the year, for inclusion on the group statement of cash flows? The Spot Group had the following items in its opening and closing group statements of financial position at the beginning and at the end of At 1 January 2016 At 31 December 2016 $ 000 $ 000 Current tax payable 250 325 Deferred tax (liability) 136 165 The Spot Group acquired a 60% holding in a subsidiary, Entity B, on 7 May 2016 The total tax liability of Entity B at this date was $120,000. The total charge for taxation in the consolidated statement of profit or loss of the Spot Group for the year to 31 December $ was $ 950,000. Required What was the cash payment for taxation during the year, for inclusion on the group statement of cash flows?

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The tax liability in the subsidiary when it was acquired ... View the full answer