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Accounting treatment of deferred taxThe objective of accounting for deferred tax is to ensure that the profits for the period d onto fluctuate due to temporary differences. To achieve this objective, an account called deferred tax account is prepared upon which adjustments are made at the end of every financial period.The approach is normally to compute the temporary differences. Thereafter we apply the corporation tax rate on the temporary difference to get the balance carried down in the deferred tax account. The balance carried down is compared with the balance brought down and the difference being the balancing figure in the deferred tax account represents a transfer to or from the profit and loss or income statement.The transfer to or from the profit and loss is not debited or credited directly in the income statement but adjustments are made on the income tax expense whose net amount will now appear in the income statement.The final figure for income tax expense that will appear in the income statement will be arrived as follows:-
£
Current year estimated corporation tax
x
Add/(less) under cover provision of previous years tax
x/(x)
Add/(Less) transfer to (from) deferred tax account
Income tax expense
xx
Short-term Creditors: Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil
how do i write an assignment about financial decision making
PROTECTION AGAINST CLAIMS The trustees may protect themselves against claims after discharge in the following ways: 1. As regards liability for rent and other obligations und
50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00
The company incurs a payroll payable of $645 per weekday of operations. The mondays of january are the 3rd, 10th, 17th, 24th, and the 31st. Paydays are every other Friday with payd
Using the profitability index, which of the following projects should be accepted? Project M: NPV = $60,000 NINV = $200,000 Project N: NPV = $10,000 NINV = $
After the accounts are adjusted at the end of the year, Accounts Receivable has a balance of $215,000, Uncollectible Accounts Expense has a balance of $17,500, and Allowance for Do
Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(
petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.
Q. Corporate Enterprise group? In order to have better and systematic participation of labour in management for improvement in working of Railway system and appropriate changes
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