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Golden rules of accounting
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Answer Posted / guest
personal-debit the receiver
credit the giver
real-debit wat comes in
credit wat goes out
nominal debit all incomes and gains
credit all expenses and losses
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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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