Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
- 14 Answers
- 199434 Views
- I also Faced
- E-Mail Answers
Answer Posted / k.kavitha
Provision entry for current Year
Income Tax A/c ----Dr
To Income Tax Payable A/c
Adjustment entry in next Year
Income tax payable---Dr
To bank A/c
| Is This Answer Correct ? | 224 Yes | 56 No |
Post New Answer View All Answers
What qualification do you need to become an accounting professional?
If balancing account is not assigned to company & is assigned to department wat will be the effects
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 Calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
Mention whether the account "cash" will be credited or debited when a company pays a bill?
Productive Investment is Working Capital. Is it correct?
Do you know what is a cpa?
Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?
Is the shadow balance present in bank account always credited or bank may reverse it as well?
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
simply define shares and debentures
Do you know how many types of business transactions are there in accounting?
What are the 4 phases accounting?
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
Explain me where a cash discount should be recorded in journal entry?
Tell me what is working capital?
