Answer Posted / jayant chillal

Bills Receivable- Receivable against sale of goods/service
provided to the coustomer called S.debtors.
Bills Payable - Payable against Purchased goods or service
received from the party called S.creditors

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?

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