The question has an entry of 2,860 (Dr) as the income tax and deferred tax as 2,830 (Cr).
Added information is : The balance on the income tax in the trial balance represents the amount paid for the year.The tax expense for the year is estimated to be 2,590 inclusive of an increase in deferred tax liability of 340. Tax rate is 30%.
I just need a point in the right direction as to which figure to enter into the income statement and the balance sheet.
Added information is : The balance on the income tax in the trial balance represents the amount paid for the year.The tax expense for the year is estimated to be 2,590 inclusive of an increase in deferred tax liability of 340. Tax rate is 30%.
I just need a point in the right direction as to which figure to enter into the income statement and the balance sheet.