Transaction for recording Deffered Tax Assets in books

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2011 Please can anyone advise on the accounting entry to record Deffered Tax asset in books.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 February 2011 Deferred tax asset a/c Dr
To deferred tax

The former a/c balance will be taken to balance sheet whereas the latter account balance will be credited in profit and loss account.

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2011 Thanks for your response.

Can you advise on the group under which deffered tax asset a/c will be created in tally. Can I take it to current assets group.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 February 2011 No. Should be under separate head to be disclosed after "investment" and before "current assets" in the balance sheet.

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