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What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
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Answer / arun chauhan
For creating the provision of current year
i)Current Tax A/C Dr
To Provision for Income tax A/c
ii) Advance Income tax A/C Dr
To Bank A/C
Next year adjustment of Previous yr(because income is assessed in next yr)
a)If advance income tax paid is less than the tax liability
i)Advance income tax A/c Dr
To Provision for Income tax A/C
To Income Tax Payable A/C
ii)Income tax payable A/C
To Bank A/C
a)If advance income tax paid is more than the tax liability
i) Advance income tax A/C Dr
Income tax refundable A/C Dr
To Provision for Income tax A/C
ii)Bank A/C Dr
To Income Tax refundable A/C
| Is This Answer Correct ? | 5 Yes | 8 No |
Answer / kishore kumar
above all are incorrect but Anees Mt is absolutely correct. If any one want to know about this adjustment please go by Anees Mt, remaining all are funny.
| Is This Answer Correct ? | 5 Yes | 9 No |
Answer / vinay.r
FOR CURRENT YEAR WHEN PROVISION MADE
PROFIT & LOSS ACCOUNT DR. .......
TO PROVISION FOR INCOME TAX ACCOUNT ........
FOR NEXT YEAR WHEN PAYMENT MADE.
1.INCOME TAX A/C DR
TO BANK A/C
2.PROVISION FOR INCOME TAX A/C DR
TO INCOME TAX A/C
| Is This Answer Correct ? | 6 Yes | 11 No |
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