What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
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Answer Posted / anees mt
1.At the time of Creation of provision for income tax in previous year for coming year.
Profit & Loss A/c Dr.
To Provision for Income tax
2.At the time of Actual Income Tax Calculated.
provision for Income tax A/c Dr.
To Income Tax
3.At The time of Payment .
Income Tax A/c Dr.
To Bank
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