Accounting entry
This query is : Resolved
30 November 2011
Sir tell me,i am doing some entry so is that right and wrong.
At the Time of Income Tax Provided in book
Profit And Loss A/c .....Dr (last year Loss)
To Provision for Income Tax (Current Liability)
Ans At the time of Payment TDS and self assessment tax balance transfer
Provision for Income Tax ......Dr 32
To TDS receivable 32
At the Time of Income Tax Provided in book
Profit And Loss A/c .....Dr (last year Loss)
To Provision for Income Tax (Current Liability)
Ans At the time of Payment TDS and self assessment tax balance transfer
Provision for Income Tax ......Dr 32
To TDS receivable 32
12 May 2012
The first entry is correct.
The second entry is also correct if no payment is made.
If payment is made, entry will be as under:
Prov for Tax
To TDS Receivable
To Bank
The second entry is also correct if no payment is made.
If payment is made, entry will be as under:
Prov for Tax
To TDS Receivable
To Bank
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