|
Liabilities |
Asssets |
Provision for Tax Advance tax
2001 65,000 2001 60,000
2002 72,000 2002 80,000
Adjustment:-
Tax for the year 2001 was settled at Rs. 40,000
Answer:- Provision for tax 72,000 & Tax Paid Rs. (80,000)
Rebate 20,000
Please solve it in detail.................
Thankyou
Provision for Tax : 72,000 - Given
Tax paid - Rs.80,000 - Given
Rebate : 60,000-40,000 = 20,000
This is a very meta level solving. If you could post the question source, I shall try to give a logical answer.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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