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How to Pass Advance Tax Payment Entry

Name :: KUMAR

Your Country :: india

Question Title: :: TAX

Explain your question in detail :: 

Sir pls explain me advance tax payment entry and current assessment year entry of tax?

Category :: Accounting

Answer :: 

Any type of payment, Bank account will credit and because advance tax is our asset before actual due date of payment of tax. So, Advance tax account will debit.

Advance Tax account Debit 10,000

Bank Account Credit 10,000

On the due date of payment of income tax, we will deduct advance tax from total tax liability. We also record the adjustment.

Income tax account Debit 10,000

Advance Tax Account Credit 10,000

If income tax is 1,00,000, then, we will deduct advance tax from this and rest, we will deposit in govt. account.

Income Tax Account Debit 90,000

Bank Account Credit 90,000

If you to learn to pass all the journal entries, you can also my book at my store.


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Accounting ! Answers: How to Pass Advance Tax Payment Entry
How to Pass Advance Tax Payment Entry
Accounting ! Answers
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