What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
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Answer Posted / gautam kumar
FOR CURRENT YEAR WHEN PROVISION MADE
(IN P & L APPROCIATION ACCOUNT)
PROFIT & LOSS ACCOUNT DR. .......
TO PROVISION FOR INCOME TAX ACCOUNT ........
FOR NEXT YEAR WHEN PAYMENT MADE.
PROVISION FOR ICOME TAX ACCOUNT DR.
TO BANK ACCOUNT
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