Answer / sushil

bank ac dr to income tax refund a/c

Answer / jyotikanta bal

Bank A/C Dr
To Tax Refund A/C

Answer / k. srinivasa rao

jouna entry should be passed in books only when the create
of provision for taxation for the accounting year not for
refund received from income tax department. for the above
we have to pass a receipt entry i.e

Journal entry :
provision for taxation a/c. (Current liability)

To Advance income tax
To TDS Receivable



balance of excess paid

bank a/c. dr

to provision for taxation

Answer / satyaki_raju@yahoo.com

Bank a/c dr
To Income tax a/c
(Being tax refund recd)

Answer / s kavitha

bank a/c dr
capital account cr
if it is a proprietorship.

Answer / avijit hazra

for it refund
1)pass due entry
I.T REFUND -----DR.
ADVANCE TAX ----CR

2)PASS RECIVED ENTRY
BANK A/C-----DR.
I.T.REFUND---CR.

Answer / suman shaw

SUPPOSE ADVANCE TAX 100000/- ; AND PROVISION 99000/-
SO, BAL. IS REFUNDABLE. (I.E.- Rs.1000/-)

1ST JV. PROV. FOR I.TAX A/C ------ DR. 99000
(CUR. LIAB.)(bal. 00)
TO ADVANCE INCOME TAX A/C 99000
(UND- CUR. ASST.)(bal. 1000 DR.)

2ND JV. INCOME TAX REFUND A/C ---- DR 1000
(UND- CUR. ASST.)
TO ADVANCE INCOME TAX A/C 1000
(UND- CUR. ASST.)

Answer / nair

Bank A/c ...
To Income Tax refund
To Interest on Tax

Answer / jitendra

bank a/c dr.
to income tax refund

Answer / amit bhadana

Bank a/c Dr.
To Tax Refund A/c

is there any difference in contribution and net profit? if yes what is that?

2 Answers   KPIT,

Expand-------BACD

1 Answers  

What is the new name for Stock exchanges ? (recently)

7 Answers   Capital IQ,

what is tds rate of WCT applay for sale tax ragistard company.

0 Answers  

please specify some books name in preparing a bank exam apttirutude questions

0 Answers  

can debenture is cenverted into share?if yes? how?

1 Answers  

Expand---------TDSR

1 Answers  

2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.

0 Answers   Ignou,

EXPAND______________OBC

1 Answers  

Depreciation method to using Indian company names

0 Answers  

Expand ------BSP

1 Answers  

what is royalty and how it is calculated?

2 Answers