provision entris
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2010
i want to know the,how to create the provision for taxation entries at the end of the year.can any body clear my this query with example of any new company?
Akhil Agrawal
(Expert)
09 July 2010
Profit & Loss Ac Dr
Provision for Income TaxCr
& Exp Dr.
To payable Exp Cr
Provision for Income TaxCr
& Exp Dr.
To payable Exp Cr
Rahul Gupta
(Expert)
09 July 2010
According to me, at the end of year suppose you have telephone exp of march which will be paid in april, so the entry for it will be
Telephone Exp...Dr.
To Prov for Telephone Exp.
Telephone Exp. will be charged in P&L as expenses and Prov for telephone exp. will be shown under provision.
In April, when payment will be made >
Prov for Telephone Exp...Dr
To Bank/Cash
Telephone Exp...Dr.
To Prov for Telephone Exp.
Telephone Exp. will be charged in P&L as expenses and Prov for telephone exp. will be shown under provision.
In April, when payment will be made >
Prov for Telephone Exp...Dr
To Bank/Cash
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