what is the journal entry for tax refund?
Answers were Sorted based on User's Feedback
Answer / ali azgar
Bank a/c dr
To Income tax a/c
(Being tax refund recd)
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / jansi
bank a/c dr
to income tax a/c
narrations:-
being tax receivable adjusted.
Is This Answer Correct ? | 10 Yes | 10 No |
Answer / mallesha m h
Income Tax Refund A/c Dr
To Profit & Loss A/c
(if Tax Refund in Proprietorship)
Bank A/c Dr
To Income Tax Refund A/c
(if it Received the Refund)
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / murali koda
As Per Tax Authority its
Refund Dr
To Bank.. Cr
As per dealer\ applicant
Bank/Cash. Dr
To Tax Refund A/C Cr
Is This Answer Correct ? | 1 Yes | 1 No |
I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK
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WHAT IS 'ABSORPTION AND CONSOLIDATION'?
1 Answers BA Continnum Solutions, Bank Of America,