Page 217 - Financial Accounting 1 ITC Preparation June 2018
P. 217
ITC EXAM PREP – JUNE 2018
Deferred tax
NB: MANNER OF RECOVERY CHANGED TO SALE
•Above original cost price will attract CGT, and thus it must
be restated to 28 x 80% (80% inclusion rate).
•Against the revaluation surplus
Dr: Deferred tax (SFP)
Cr: Revaluation surplus(OCI)
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