Journal enteries with reason
This query is : Resolved
02 April 2009
hi
(A)if I pay advance tax 150000
my tax libility is 200000
and there is provision for tax 250000.
what will be journal enteries for these transations
or
hi
(B)if I pay advance tax 150000
my tax libility is 200000
and there is provision for tax 1800000
Pls help me
Monia
(A)if I pay advance tax 150000
my tax libility is 200000
and there is provision for tax 250000.
what will be journal enteries for these transations
or
hi
(B)if I pay advance tax 150000
my tax libility is 200000
and there is provision for tax 1800000
Pls help me
Monia
02 April 2009
A. IF TAX LIAB IS RS.200000 THAN U NEED TO PAY RS.50000 AS SELF ASSMT TAX
ENTRY IS
PROVISION FOR IT A/C DR. 250000
TO ADVANCE TAX 150000
TO CASH / BANK A/C 50000
TO P & L A/C 50000
(CR.TO P&L IS TOWARDS EXCESS PROVISION MADE )
B. PROVISION FOR I.T A/C DR. 180000
P & L A/C(INCOME TAX) DR. 20000
TO ADVANCE TAX 150000
TO CASH / BANK 50000
ENTRY IS
PROVISION FOR IT A/C DR. 250000
TO ADVANCE TAX 150000
TO CASH / BANK A/C 50000
TO P & L A/C 50000
(CR.TO P&L IS TOWARDS EXCESS PROVISION MADE )
B. PROVISION FOR I.T A/C DR. 180000
P & L A/C(INCOME TAX) DR. 20000
TO ADVANCE TAX 150000
TO CASH / BANK 50000
02 April 2009
a...advance tax 150000
to cash or bank 150000
p&l a/c dr. 250000
To prov for tax...250000
in next year wen u pay self assessment tax
prov. for tax a/c dr. 250000
to c/bank...50000
to advance tax...150000
to p&l 50000
to cash or bank 150000
p&l a/c dr. 250000
To prov for tax...250000
in next year wen u pay self assessment tax
prov. for tax a/c dr. 250000
to c/bank...50000
to advance tax...150000
to p&l 50000
02 April 2009
b...adv tax dr. 150000
to cash or bank...150000
p&l a/c dr. 180000
to prov for tax...180000
in next year
for short provision...
p&l a/c dr. 20000
to prov for tax...20000
prov for tax...200000
to c/bank...50000
to adv tax...150000
to cash or bank...150000
p&l a/c dr. 180000
to prov for tax...180000
in next year
for short provision...
p&l a/c dr. 20000
to prov for tax...20000
prov for tax...200000
to c/bank...50000
to adv tax...150000
03 April 2009
A)In the year of payment of advance tax and making provision.
1. Profit & loss a/c dr. 250000
To Prov. for tax 250000
2. Advance tax a/c dr. 150000
To Bank 150000
IN Next Year when tax actually assessed at Rs200000
1. Prov. for tax a/c dr. 250000
To advance tax deposited 150000
To bank 50000
To p&l appropriation a/c 50000
(Rs50000 short tax deposited and excess provision reversed)
1. Profit & loss a/c dr. 250000
To Prov. for tax 250000
2. Advance tax a/c dr. 150000
To Bank 150000
IN Next Year when tax actually assessed at Rs200000
1. Prov. for tax a/c dr. 250000
To advance tax deposited 150000
To bank 50000
To p&l appropriation a/c 50000
(Rs50000 short tax deposited and excess provision reversed)
03 April 2009
B) in this case provision is short. In first year entries will be like same, just change the amount of provision to Rs.180000.
IN Next year of assessment of tax at Rs.200000.
1. P & L appropriation a/c dr. 20000
To Prov. for tax 20000
( first short provision is made full)
2. Prov. for tax a/c dr. 200000
To bank a/c 50000
To advance tax 150000
[ i have used P&L appropriation a/c because entry of tax relate to previous year. But when we make provision of tax in the year for which tax to be paid, use P&L a/c there.]
IN Next year of assessment of tax at Rs.200000.
1. P & L appropriation a/c dr. 20000
To Prov. for tax 20000
( first short provision is made full)
2. Prov. for tax a/c dr. 200000
To bank a/c 50000
To advance tax 150000
[ i have used P&L appropriation a/c because entry of tax relate to previous year. But when we make provision of tax in the year for which tax to be paid, use P&L a/c there.]
03 April 2009
If you still have any doubt regarding this or any entry then most welcome please.....
03 April 2009
HI
Thank you very much all of you(HUZAIFA HUSSAIN, Devanshi Gandhi,Taranjit Singh
for helping me. I am realy enjoying to join this website. I will keep in touch with all of you in future. hope you will me help me. Devanshi I want to know your email id if you don't mind.
my email id is monia.kushwaha@gmail.com
I am working as an accountant.
Monia
Thank you very much all of you(HUZAIFA HUSSAIN, Devanshi Gandhi,Taranjit Singh
for helping me. I am realy enjoying to join this website. I will keep in touch with all of you in future. hope you will me help me. Devanshi I want to know your email id if you don't mind.
my email id is monia.kushwaha@gmail.com
I am working as an accountant.
Monia
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