Answer Posted / dave

first of all,defered revenue expenditure is an expenditure
of revenue nature whose benefits are availed for more than
one accounting period. the expenditure had been incurred in
a particular year but its benefits will be enjoyed not only
in that year but also in years to come. so the cost
(expenditure) is capitalised and spread over the years in
which the benefits will be enjoyed. for example, R & D
costs 50,000 naira for the beenfit of 5 years.thus, 10,000
naira would be charge to P & L account every year till the
end of the 5th year.in the balance sheet, it is a current
asset item ( you can viewed it as prepaid expenditure, i
mean u treat it like the way u do to prepayments.)

Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?

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