Accounting enteries for fbt

kindly let me know what accounting enteries to passed for

1. when fbt amount becomes due quaterly
[Praveen Boda] FBT Expense Dr

FBT Payable Cr
2. when fbt amount is paid .
[Praveen Boda] FBT paid in Advance  Dr

Bank     Cr



In the financials, show the net off between FBT Payable & FBT paid in advance.

and what will be presenation in financial statements.


Regards

ashok malhotra

Replies (3)
see icai guidelines on the issue
FBT   Dr
Provision Cr
       and then on payment: Provn   Dr
                                        Bank Cr

see icai guidelines on the issue

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