What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
Answer Posted / aj
At the time of providing provision for tax the entry is(current year)
dr-tax a/c
cr-provision for tax a/c
at the time of payment (next year)
dr--provision for tax ac
cr-bank a/c
Is This Answer Correct ? | 13 Yes | 7 No |
Post New Answer View All Answers
Do you know compound journal entry?
Difference between depreciation according to cost principle and matching principle
what is t code of all expences general legder?
What is a contra entry
In South Africa, the value added tax is administered by?
Do you know marginal cost?
What is cash flow and fund flow?
How much statistics knowledge is necessary or required in accounting?
Can a firm claim preliminary expenses incurred(manufacturing) or only its is applicable to Companies? can a firm claim ,1/5 of such expenses incurred as deduction as in case of Companies? or any other procedure.
Q1©. Gratuity of Rs. 1,20,000 is received in August, 2007 by Mr. M, a legal heir of Mr. R aged 45 years who died on June 28, 2007. Is it taxable?
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
Scope and nature of Accounting
what is loan operations and what are the complete process form from making customer to closure of loan
What do you mean by gaap in accounting?
Do you know partitioning in accounting?