Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
- 14 Answers
- 198570 Views
- I also Faced
- E-Mail Answers
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 |
What is the actual meaning of Ledger Account?
There are two Business areas 1100 and 1200. I need to pick 1200 b.areaonly While enter the transaction? could any one please post the answer for this.
How to posting employer contribution
WHAT IS B.R.S. ???
c form 1st qtr 2013-2014 issued th.on line start from which date
How to group the companies in tally?
What are the accounting entries for branch accounts?
What is Balance sheet in Tally?
suppose total salaries paid is 10000, 1000 is outstanding. how & which amount will shown in receipts & payment, income & expenditure and balance sheet accounts
what is a gross profit ratio?
why u maintain accounts in business
what is the accounting term of bank reconcilation? explain me
Audit 
