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In the Balance sheet of a company you see the following
details,
Liabilities: Provision for tax - AY 2008-09 RS 200000
AY 2009-10 RS 300000
AY 2010-11 RS 200000
Assets: Advance Tax- AY 2008-09 RS 150000
AY 2009-10 RS 300000
AY 2010-11 RS 200000
On 15-03-2011, the assessment order for AY2008-09 was
received and the final tax liability was stated to be RS
250000. Pass the journal entry for the closing of the
relevant accounts in the books for the AY 2008-09.
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