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Answer Posted / chaitanya
Ex 1 : For each and every company in finance department you
can see a payments and collections cabin.Payments through
cheque and collections through cheques is related to bank
books and when the receivable and payables is directed
though cash then they are diverted to cash book.
| Is This Answer Correct ? | 13 Yes | 4 No |
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Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?
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