What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
Answers were Sorted based on User's Feedback
Answer / arun chauhan
For creating the provision of current year
i)Current Tax A/C Dr
To Provision for Income tax A/c
ii) Advance Income tax A/C Dr
To Bank A/C
Next year adjustment of Previous yr(because income is assessed in next yr)
a)If advance income tax paid is less than the tax liability
i)Advance income tax A/c Dr
To Provision for Income tax A/C
To Income Tax Payable A/C
ii)Income tax payable A/C
To Bank A/C
a)If advance income tax paid is more than the tax liability
i) Advance income tax A/C Dr
Income tax refundable A/C Dr
To Provision for Income tax A/C
ii)Bank A/C Dr
To Income Tax refundable A/C
Is This Answer Correct ? | 5 Yes | 8 No |
Answer / kishore kumar
above all are incorrect but Anees Mt is absolutely correct. If any one want to know about this adjustment please go by Anees Mt, remaining all are funny.
Is This Answer Correct ? | 5 Yes | 9 No |
Answer / vinay.r
FOR CURRENT YEAR WHEN PROVISION MADE
PROFIT & LOSS ACCOUNT DR. .......
TO PROVISION FOR INCOME TAX ACCOUNT ........
FOR NEXT YEAR WHEN PAYMENT MADE.
1.INCOME TAX A/C DR
TO BANK A/C
2.PROVISION FOR INCOME TAX A/C DR
TO INCOME TAX A/C
Is This Answer Correct ? | 6 Yes | 11 No |
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