Use the information provided below to prepare the pro forma statement of comprehensive income for the year ended 31 December 2023. (Note the statement must reflect the gross profit,operating profit, profit before tax and profit after tax

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.