tax adjustment in next year..

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krishna kc (Querist)
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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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

krishna kc

krishna kc (Querist)
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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

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