Transaction for recording Deffered Tax Assets in books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
Please can anyone advise on the accounting entry to record Deffered Tax asset in books.
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.
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.
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.
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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