Deferred tax

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Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2013 1st year company having loss rs.114,752/-,If deferred tax arises Rs.1901/- in first year & second year Rs.220/-,than which entry pass in tally & how i show deferred tax treatment in balance sheet & profit & loss account . Is deferred tax adjustment affected on computation . please give Ans asap , thanking you.

Ganeshbabu K

Ganeshbabu K (Expert)
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04 October 2013 If Defered tax arises in 1st year
.
.
entry would be

Dr.Defered tax Asset A/c(B/S) 1901
Cr.Defered tax expence (P&l) 1901

In second year if it is defered tax liability entry would be
.
.
Dr.Defered tax expence A/c 220
Cr.Defered tax Asset A/c 220
.
.
Kindly go accordingly

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Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 Thanks a lot sir

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