Answer Posted / arun chauhan

For creating the provision of current year
i)Current Tax A/C Dr
To Provision for Income tax A/c
ii) Advance Income tax A/C Dr
To Bank A/C
Next year adjustment of Previous yr(because income is assessed in next yr)
a)If advance income tax paid is less than the tax liability
i)Advance income tax A/c Dr
To Provision for Income tax A/C
To Income Tax Payable A/C

ii)Income tax payable A/C
To Bank A/C
a)If advance income tax paid is more than the tax liability
i) Advance income tax A/C Dr
Income tax refundable A/C Dr
To Provision for Income tax A/C

ii)Bank A/C Dr
To Income Tax refundable A/C

Tell me by saying, perpetual or periodic inventory system; what do we mean?

1140

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Can anybody tell me the steps involved in Budgeting / Forecasting generally..?. Hints would be appreciated highly.

2299

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What is peach tree accounting?

1073

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PLZZZZZZZZZZZZ HELP ME FOR THE PREPARATION OF TEST JR.EXECUTIVE (ADMIN)IN ATM IAM APPEARED 1ST TIME IN THIS TEST MY TEST CENTER IS RAWALPINDI MY CONTACT NO IS 03338907330

4946

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{in tally}in inventory info what is (stock group, stock categori, stock item,reorder levels) why we has to prepare them?

2212

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List out things that fall under intangible asset?

988

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What does the abbreviation m mean in accounting?

1066

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Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?

1978

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while raising credit note for price difference,is it mandatory to charge excise duty 12.36% and vat 14.5% on local supplies

2380

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how to solve cashbook question

3239

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A company purchase goods Rs.2000/- & input vat received rs.100/- but at the time he sold goods 1000/- as a sales & 1000/- as a sock transfer. plz tell me how much take input claim in this case.

2152

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In accounting equation what is the treatment of investment in shares??

1471

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what is share application money pending allotment?

4033

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India me ,suppose that hmare pass 190000 Rs hai,to kitna tax lgega,or kis heshab se lgega,

2117

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What are the characteristic features of financial accounting?

1016

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