deferred tax
This query is : Resolved
19 September 2009
what is the entry for deffered tax in books of accounts.
pls give both i.e deffered tax asset ,deffered tax liability.given it jounalised entry way
urgent
pls give both i.e deffered tax asset ,deffered tax liability.given it jounalised entry way
urgent
19 September 2009
the entry will be.....
1. for deferred tax asset
Deferred Tax Asset A/c Dr.
to Profit & Loss a/c
2. for Deferred Tax liability
Profit & Loss Account Dr.
to Deferred Tax Liability
Instead of debiting/crediting P & L A/c directly you can also open a "Deferred Tax Adjustment Account" and this account should be transferred to Profit & Loss Account on 31st March.
1. for deferred tax asset
Deferred Tax Asset A/c Dr.
to Profit & Loss a/c
2. for Deferred Tax liability
Profit & Loss Account Dr.
to Deferred Tax Liability
Instead of debiting/crediting P & L A/c directly you can also open a "Deferred Tax Adjustment Account" and this account should be transferred to Profit & Loss Account on 31st March.
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