Defferd tax

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Abhinav (Querist)
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28 August 2011 It is the first year of pvt ltd co.
Dep as per co act is Rs.16000 and as per I.tax is Rs.22000

kindly tell the accounting entries to be entered in the final balance sheet.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 August 2011 Timing difference on account of depreciation is Rs. 6,000/-.
Since IT depreciation is more,it leads to DTL.
Amount of DTL is ,30.90% on timing difference, Rs.1,854/-
Journal entry is :-
Deferred tax a/c Dr Rs.1,854/-
To deferred tax liability Rs.1,854/-
(Being DTL on a/c of timing difference on depreciation accounted)
N.B:- the former may be considered in p &l and the later to the b/s.

Abhinav

Abhinav (Querist)
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29 August 2011 and if the book profit is rs. 200000 what should be the prov for tax.

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