Provision for income tax
This query is : Resolved
23 June 2014
Suppose i kept provision for income tax Rs. 20000 but after that next f.y adjusting all i have seen i have to pay only 18000. how it will be treated.? Also tell me regarding tally entries.
Thank you
Thank you
23 June 2014
Make provision for income tax by:
1) P & L a/c Dr.
To Provision for I.Tax
on adjustment:
2)Provision for I.Tax Dr.
To Income Tax A/c
On payment of Income Tax:
3)Income Tax Dr.
To Cash/Bank
1) P & L a/c Dr.
To Provision for I.Tax
on adjustment:
2)Provision for I.Tax Dr.
To Income Tax A/c
On payment of Income Tax:
3)Income Tax Dr.
To Cash/Bank
23 June 2014
when prov.
profit & loss a/c 20000
provision for tax 20000
if your make adv tax then
prov for tax 18000
to advance tax a/c 18000
if you make tax
prov of tax a/c
to bank
adj entry of Rs. 2000
prov of tax a/c
to profit & loss a/c or reserve and surplus a/c
profit & loss a/c 20000
provision for tax 20000
if your make adv tax then
prov for tax 18000
to advance tax a/c 18000
if you make tax
prov of tax a/c
to bank
adj entry of Rs. 2000
prov of tax a/c
to profit & loss a/c or reserve and surplus a/c
Message likes :
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24 June 2014
Thanks @ nischit and rupesh
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