if our provision of taxation of particular year 23000/-
and on that year we paid advance tax 20000/-then how we
adjust this both amount.......
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Answer / pradeep
income tax a/c dr 23000
to provision for taxation 23000
advance tax a/c dr 20000
to income tax a/c 20000
P/L a/c dr 20000
to advance tax a/c 20000
income tax a/c dr 20000
to cash/bank a/c 20000
balance amount will remain left in provision for taxation a/c:
Income tax a/c dr 3000
to provision for taxation a/c 3000
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / krishna
previous year there is a balance in provision for income tax
a/c Rs.23000,we need to carry forward that one and you need to
do the following process:
first add current year provision amount,
next less whatever you paid as an advance
and the balance you need to carry forward i.e.Rs.3000
(23000+0-20000)
| Is This Answer Correct ? | 0 Yes | 2 No |
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