=+By 31st December the income tax 1962/3 was agreed at 38,129. The profits tax for the accounting
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=+By 31st December the income tax 1962/3 was agreed at £38,129. The profits tax for the accounting period to 31st December, 1962, was estimated at £2,917 and the income tax 1963/4 was estimated at £27,648.
You are required to set out the Taxation Account in the company's books for 1962 and to show the charge for taxation as it should appear in the published accounts of the company. (Income Tax is 7/9 in the £)
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