Provsion for income tax
This query is : Resolved
Amandeep Singh
(Querist)
29 December 2020
Dear Sir,
Please suggest below journal entry provision for income tax is correct or wrong in a proprietor firm.
Capital account dr. 38000-00
Advance income tax cr. 18000-00
TCS Receivable Cr. 6500-00
Provision for income tax Cr. 13500-00 ( Current liability )
Please suggest below journal entry provision for income tax is correct or wrong in a proprietor firm.
Capital account dr. 38000-00
Advance income tax cr. 18000-00
TCS Receivable Cr. 6500-00
Provision for income tax Cr. 13500-00 ( Current liability )
KAVIRAJA ADDANGADI
(Expert)
29 December 2020
Entry finally adjust to capital but instead of debiting capital you can
debit profit and loss A/c
CR advance tax
CR TDS /TCS extent adjustable if refund keep balance to the extent receivable
CR INCOME TAX PROVISION (STILL LIABILITY PAYABLE AFTER ADJUSTING TDS AND ADVANCE TAX (
debit profit and loss A/c
CR advance tax
CR TDS /TCS extent adjustable if refund keep balance to the extent receivable
CR INCOME TAX PROVISION (STILL LIABILITY PAYABLE AFTER ADJUSTING TDS AND ADVANCE TAX (
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