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Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2010 Last year in p\l the provision for income was 12549/- and we paid it 12550/- due to this Rs. 1/- did stand in the trail balance, to prepare this year balance sheet how could I remove it(Rs. 1/-) tell me the journal entry

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2010 WE USUALLY MAKE PROVISION AND PAY TAX IT NEED NOT BE ACCURATE. SET OFF ENTRY IS DONE AFTER COMPLETION OF ASSESSMENT TILL THE THE BALANCE REMAINS AS IT IS IN THE BALANCE SHEET. ONLY ADJUSTMENT WILL BE MADE IS DEDUCTING SHORT PROVISION OF RS 1 FROM YOUR PBT.

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