Entity XYZ commenced operations during 2018.

The following refers to Entity XYZs tax year of assessment ending 31 December 2018:

first provisional payment: R65 000

second provisional payment: R41 000

estimated current tax for 2018: R135 000.

The tax assessment for the year ended 31 December 2018, received on 1 March 2019, showed the assessed tax to be R120 000.

Select the missing words / fill in the missing numbers (round off to the nearest rand):

The current tax payable/receivable account as at 31 December will have a Answer balance of R Answer.

The XYZ accountant will need to process a journal on Answer to account for an Answer of R Answer.

XYZ will then Answer of R Answer.