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Topic 18
Accounting for Current and Deferred Tax
Learning Outcomes
At the end of this chapter, and having completed the essential reading and activities, you
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Y6084*2+$($U!"#$%&(NV$
$
The profit before tax and dividends for the year ended 31 December 2013 for Cup Plc is
£2,000,000. Included in the profit before tax figure are the following expenses:
£
Wages 200,000
Depreciation 150,000
Entertaining 40,000
General provision for doubtful debt 50,000
Specific bad debts written off 70,000
Legal costs on purchasing a new freehold property 100,000
The capital allowances for the year are calculated to be £300,000. The tax rate for the year
is 20%. Tax for the year ended 31 December 2012 had initially been calculated at £500,000
but was finally agreed at £580,000. $
!
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$
$
$
Y6084*2+$%$U!"#$%&&XV$
!
Unknown Plc provides you with the following projected data in order to provide
for deferred taxation on the full basis.
Year ended 31/12 Taxable profit Capital allowances Depreciation

£’000 £’000 £’000
2007 2,500 800 160

2008 2,400 160 320
The tax rate for Unknown Plc is 33%. Calculate the deferred tax provision for
Unknown Plc for the years ended 31 December 2007 and 31 December 2008.
!
!
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Y6084*2+$C$U!"#$%&(&$930.*PV$
Connect Ltd has the following projected information:
Year ended 31 Profit before Capital Depreciation

December depreciation allowance
2010 75,000 24,000 4,800

2011 72,000 4,800 9,600
2012 66,000 11,700 14,400
2013 60,000 33,600 9,600
The tax rate for Connect Ltd is 33%. There is no deferred tax balance brought
forward as at 1 January 2010.
$
Required
(i) What is deferred tax? Discuss the arguments in favour of, and against,
providing for deferred taxation. (8 marks)
(ii) What are the differences between the flow-through, partial provision and full
provision approaches to accounting for deferred tax?
(6 marks)
(iii) Show the income statement (profit and loss account) and statement of
financial position (balance sheet) entries for deferred tax for the years 2010 to
2011 for Connect Ltd, under the flow through and the full provision methods.
(11 marks)
$
$ $
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Y6084*2+$($U!"#$%&&S$\>V$
!
Axe Plc has the following projected information:
Year ended 31 Profit before Capital Depreciation

December depreciation allowance
2007 15,000 4,800 960

2008 14,400 960 1,920
2009 13,200 2,340 2,880
2010 12,000 6,720 1,920
The tax rate for Axe Plc is 33%. There is no deferred tax balance brought forward as at
1 January 2007.
Required:
(a) Discuss the reasons for and against accounting for deferred taxation. What are the
differences between the flow-through, partial provision and full provision
approaches to accounting for deferred tax? (12 marks)
(b) Explain why permanent differences are not treated in the same way as timing
differences in calculating a deferred tax provision. (4 marks)
(c) Show the profit and loss account and balance sheet entries for deferred tax for the
years 2007 to 2010, under the flow-through and the full provision methods.
(9 marks)
!
! !
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Y6084*2+$%$U!"#$%&&X$\OV$
Piece Ltd provides you with the following projected data in order to provide for
deferred taxation on a full basis for 2007 and 2008:
Year ended 31/12 Taxable profit Capital allowances Depreciation

£’000 £’000 £’000
2007 8,000 3,800 3,200
2008 4,000 2,200 5,600
The tax rate for Piece Ltd is 33%. Calculate the deferred tax provision for the
years ended 31 December 2007 and 31 December 2008. $
$
$
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Question 3
The income statement (profit and loss account) for the year ended 31 December 2009
and the statement of financial position (balance sheet) as at 31 December 2009 for
Tea Ltd are given below:
Income statement for the year £

ended 31 December 2009
Sales 265,000
Cost of sales
Opening inventory 36,000
Purchases 128,000
Closing inventory (26,000)
(138,000)
Gross profit 127,000
Expenses (69,300)
Depreciation (6,700)
Net profit for the year 51,000
Statement of financial position

(balance sheet) as at
31 December 2009
Non current assets £

Cost 101,000
Accumulated depreciation (6,700)
Net book value 94,300
Current assets
Inventory 26,000
Other current assets 8,000
Total assets 128,300
Capital, reserves and liabilities

Share capital 50,000
Profit and loss account reserve 51,000
Current liabilities 27,300
Capital, reserves and liabilities 128,300

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The Retail Price Index and the replacement cost price change indices for the year
were identified as follows:
Indices RPI Non current assets Inventory
1 January 2009 100 200 150

Average 2009 120 250 170
30 November 2009 140 260 180
31 December 2009 150 270 190
Tea Ltd was set up on 1 January 2009. The share capital was raised on this date and
the non current assets and opening inventory were acquired on this date.
Sales, purchases and expenses accrue evenly throughout the year.
Closing inventory for 2009 was acquired on 30 November 2009.
Required
(i) Discuss the advantages and limitations of historic costing accounting.

(6 marks)
(ii) (a) Prepare the income statement(profit and loss account) for the year
ended 31 December 2009 and the statement of financial position (balance
sheet) as at 31 December 2009 for Tea Ltd using current purchasing power
accounting and maintaining financial capital in real terms.
(b) Prepare the income statement (profit and loss account) for the year
ended 31 December 2009 and the statement of financial position (balance
sheet) as at 31 December 2009 for Tea Ltd using current value accounting
(with replacement costs) and maintaining physical capital. Ignore monetary
working capital and gearing adjustments.
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20210112162922ABDULLAH003FR Lecture Notes AY 2021 Part 3

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Year ended 31/12 Taxable profit Capital allowances Depreciation

2007 2,500 800 160

Year ended 31 Profit before Capital Depreciation

2010 75,000 24,000 4,800

Year ended 31 Profit before Capital Depreciation

2007 15,000 4,800 960

Year ended 31/12 Taxable profit Capital allowances Depreciation

Income statement for the year £

Statement of financial position

Non current assets £

Total assets 128,300

Capital, reserves and liabilities

Capital, reserves and liabilities 128,300

1 January 2009 100 200 150

(i) Discuss the advantages and limitations of historic costing accounting.

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