provision for tax je
This query is : Resolved
30 June 2011
provision for tax 50000
tax liablity 50000
advance tax 50000
what would journal entry? how we will set off everything?
tax liablity 50000
advance tax 50000
what would journal entry? how we will set off everything?
CMA Ramesh Krishnan
(Expert)
30 June 2011
Tax liability and provision for tax both are same nature and credit balance, that need to be adjusted and balance provision need to be reversed
after reversing the excess and Advance tax is debit balance need to be set off
after reversing the excess and Advance tax is debit balance need to be set off
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