what is enty of income tax paid by company.& what is group of income tax p

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what is enty of income tax paid by company.& what is group
of income tax paid.

Question Posted / kharatmalram

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what is enty of income tax paid by company.& what is group of income tax paid...

Answer / vijender

Taxes & duties a/c Dr
To bank/cash A/c

Is This Answer Correct ?

12 Yes

1 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / ram yadav

income tax ac dr.
to bank/cash a/c
(group of income tax paid is tax & duties)

Is This Answer Correct ?

5 Yes

1 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / amit.kala87

income tax paid a/c dr
To bank/cash a/c.

Is This Answer Correct ?

1 Yes

1 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / guest

INCOME TAX A/C DR
TO BANK A/C CR

FIRST IT SHOULD BE A DEPOSIT(ASSET) AFTER THE NEXT YEAR IT
SHOULD BE TRANSFER TO CAPITAL A/C

Is This Answer Correct ?

2 Yes

2 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / mohit gupta

1. Income Tax A/c Dr.
To Provision for Income Tax A/c
2. Reserve & Surplus or Capital A/c Dr.
To Income Tax A/c
3. Provision for Income Tax A/c Dr.
To Bank/Cash (when paid)

Is This Answer Correct ?

2 Yes

2 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / srinivas raoc

tax a/c dr xxx
to cash/bank a/c xxx

Is This Answer Correct ?

1 Yes

1 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / harish

TDS PAYABLE A/C DR
TO BANK/CASH A/C

Is This Answer Correct ?

2 Yes

3 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / prashanth

capital a/c dr
to bank a/c

Is This Answer Correct ?

2 Yes

3 No

what is enty of income tax paid by company.& what is group of income tax paid...

Answer / ganesh

Provision for Income Tax A/c Dr
To Cash/Bank A/c

Is This Answer Correct ?

2 Yes

3 No

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SHADOW BALANCE SHEET

1 Answers HCL,

Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

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