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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 / arun chauhan
For creating the provision of current year
i)Current Tax A/C Dr
To Provision for Income tax A/c
ii) Advance Income tax A/C Dr
To Bank A/C
Next year adjustment of Previous yr(because income is assessed in next yr)
a)If advance income tax paid is less than the tax liability
i)Advance income tax A/c Dr
To Provision for Income tax A/C
To Income Tax Payable A/C
ii)Income tax payable A/C
To Bank A/C
a)If advance income tax paid is more than the tax liability
i) Advance income tax A/C Dr
Income tax refundable A/C Dr
To Provision for Income tax A/C
ii)Bank A/C Dr
To Income Tax refundable A/C
| Is This Answer Correct ? | 5 Yes | 8 No |
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