The transactions below relate to Zoblazo Company Ltd$.$

Balances as at $1/07/2008$ were as follow:

GHS

Taxes payable $2,500\mathrm{.}00$

Deferred tax liabilities $1,200\mathrm{.}00$

Deferred tax assets $800\mathrm{.}00$

During the year to $30/06/09,$ the following additional transactions occurred:

$1)$ Taxable temporary differences other than from the recognition of goodwill and business combination was GHS$7,500\mathrm{.}00$

$2)$ Deductible temporary differences other than from the recognition of goodwill and business combination was GHS$4,000\mathrm{.}00$

$3)$ Unused tax losses and unused tax credits amounted to GHS$400\mathrm{.}00$ and GHS$250\mathrm{.}00$ respectively

$4)$ Current taxes payable was assessed at GHS$5,000\mathrm{.}00$

$5)$ The tax rate prevailing during the year and expected for the next five years is $25\%$

$6)$ Taxes paid during the year amounted to GHS$8,200\mathrm{.}00$

You are required to prepare the tax schedule for Zoblazo Company Ltd$.$ showing clearly: 

 

a$)$ The tax expense to be charged in the statement of comprehensive income

b$)$ The tax liability or asset to be recognised in the statement of financial position