tax adjustment in next year..
This query is : Resolved
krishna kc
(Querist)
12 July 2011
how to pass accounting entry?plz help me
balance sheet shows the folling balances..
provision for tax 23000 cr
advance tax paid......1000 dr
TDS 500 dr
question 1:if tax liabilities is 26000
question 2:if tax liabilities is 15000
balance sheet shows the folling balances..
provision for tax 23000 cr
advance tax paid......1000 dr
TDS 500 dr
question 1:if tax liabilities is 26000
question 2:if tax liabilities is 15000
CMA Ramesh Krishnan
(Expert)
14 July 2011
Q.1 Dr:Pro.Taxation Rs.23000
Dr: Income tax Rs.3000
Cr:Income tax payable Rs. 26000
Dr: Income tax payable Rs.26000
Cr: TDS a/c Rs.500
Cr: Bank Rs.25500
Q.2 Dr:Pro.Taxation Rs.23000
Cr: Income tax Rs.8000
Cr:Income tax payable Rs.15000
Dr: Income tax payable Rs.15000
Cr: TDS a/c Rs.500
Cr:Bank a/c Rs.14500
Dr: Income tax Rs.3000
Cr:Income tax payable Rs. 26000
Dr: Income tax payable Rs.26000
Cr: TDS a/c Rs.500
Cr: Bank Rs.25500
Q.2 Dr:Pro.Taxation Rs.23000
Cr: Income tax Rs.8000
Cr:Income tax payable Rs.15000
Dr: Income tax payable Rs.15000
Cr: TDS a/c Rs.500
Cr:Bank a/c Rs.14500
krishna kc
(Querist)
15 July 2011
thanks for your reply.......
in 2nd answer can we make the following entry
in first entry.....
Dr provision for tax A/c 23000
cr profit and loss A/c 8000
Cr income tax payable A/c 15000
in 2nd answer can we make the following entry
in first entry.....
Dr provision for tax A/c 23000
cr profit and loss A/c 8000
Cr income tax payable A/c 15000
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