The following figures have been extracted from the financial statements of Terry Ltd. STATEMENT OF PROFIT OR Loss (EXTRACT) for the year ended 31 December 2019 € 2018 € Profit before tax 816,400 726,500 Tax (163,200) (145,300) Profit for year 653,200 581,200 STATEMENT OF FINANCIAL POSITION (EXTRACT) as at 31 December 2019 € 2018 € Current Liability Current tax 89,000 163,200 Requirement Calculate the amount of tax paid to be presented in the statement of cash flows Terry Ltd for the year ended 31 December 2019.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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