Current tax
Entity E has to pay income tax of CU 5 for the year 01. This amount only relates to transactions recognized in profit or loss according to IFRS. In E”s jurisdiction, entities have to make prepayments during the year (e.g. during 01) on their payable income tax for the year (e.g. for 01). These prepayments are based on taxable profit for the previous year (e.g. for 00).
Version (aa)
In 01, E has made prepayments of CU 4. E recognizes such prepayments in profit or loss during the year.
Version (ab)
In 01, E has made prepayments of CU 4. During the year, E recognizes such prepayments on a separate account which comprises the amounts already paid to the taxation authorities as receivables (clearing account with taxation authorities).
Version (ba)
In 01, E has made prepayments of CU 6. E recognizes such prepayments in profit or loss during the year.
Version (bb)
In 01, E has made prepayments of CU 6. During the year, E recognizes such prepayments on the clearing account with taxation authorities as receivables.
Required
Prepare any necessary entries in E”s financial statements as at Dec 31, 01.
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