What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
Answer Posted / praveen.kp
1 current year
Income tax a/c dr
to provision for taxation a/c
2.next year(adjustment entry)
a)Provision for taxation a/c dr
to income tax payable a/c
b)Income tax Payable a/c Dr
to Cash a/c
Mainly there are 3 entries one is for creating provision,
and the second one is reversal of the same in next year or
month after calculating actual tax payable, and the last one
is for payment of tax to the Government authorities
Is This Answer Correct ? | 47 Yes | 29 No |
Post New Answer View All Answers
difition of reserve & surplus
Do you know what are trade bills?
Tell me what is gaap?
Explain a time when you have not met your goal?
Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?
Do you know executive accounting?
List out the stages of double entry system?
Horizontal balance sheet versus Vertical balance sheet
Tell me do you think there is any difference between inactive and dormant accounts?
What is full rate on plywood box in haryana sale tax:
What is the difference between personal account real account and nominal account?
Explain have you ever prepared mis reports and what are these?
Mention what does the investment of personal assets by the owner will do?
Explain me your current/former role, your responsibilities, and how success is/was measured?
Tell me what are things will not be included in bank reconciliation statement?