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Answer Posted / kethura
If Trial balance is not tallying then we create suspense
account and we balance the amount either in debit balance
or credit balance.
| Is This Answer Correct ? | 23 Yes | 6 No |
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Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?
Why we have to present first and second draft(Bill of Exchange) for bank negotiation.Why cant we present only One draft?
Expand---------OTMD
EXPAND___________NBW
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