tax adjustment in next year..
This query is : Resolved
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
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RELATED TO TRIBUNAL APPEAL
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- HOUSING LOAN ISSUE
- TDS AND ITR ISSUE
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
