book keeping
This query is : Resolved
Gaurav Gupta
(Querist)
26 August 2010
Sir,
if any company balance sheet show DEFERRED TAX LIABILITY in his previous b/s then it will show in next financial b/s also as opening deferred tax liability.
if any company balance sheet show DEFERRED TAX LIABILITY in his previous b/s then it will show in next financial b/s also as opening deferred tax liability.
26 August 2010
The closing balance of previous year's deferred tax liability will be surely carried forward to next year. But whether there will be a deferred tax liability to be shown in next year's balance sheet (ie. whether there will be a closing balance in next year's balance sheet) will be decided by next year's profitability situation only.
If you have not understood the concept of deferred tax liability, please highlight that point, so that I can explain.
If you have not understood the concept of deferred tax liability, please highlight that point, so that I can explain.
Gaurav Gupta
(Querist)
27 August 2010
Sir,
Under which head it is show in tally as opening balance of next financial year Deferred tax liability.
think it is show under loan(liability) head as Deferred tax liability.
Under which head it is show in tally as opening balance of next financial year Deferred tax liability.
think it is show under loan(liability) head as Deferred tax liability.
27 August 2010
As you know deferred tax liability / asset has to be separately shown in BS.
I dont think Tally has a reserved ledger or group for this, unless there is a way to create it (which I am not aware). It would be incorrect to show it either under Loans or under Current Liability from a presentation point of view. But since you dont have a choice, you can create it under Loans (liability). But when you present the BS (in Excel or so), you can show it under a separate line (other than loans).
Pls revert if the answer is not satisfactory.
I dont think Tally has a reserved ledger or group for this, unless there is a way to create it (which I am not aware). It would be incorrect to show it either under Loans or under Current Liability from a presentation point of view. But since you dont have a choice, you can create it under Loans (liability). But when you present the BS (in Excel or so), you can show it under a separate line (other than loans).
Pls revert if the answer is not satisfactory.
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