entry
This query is : Resolved
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
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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