Note:-
For Companies Tax Rate Applicable Is 30% Flat + Cess
Assignments
Pass Entries of Case 1 to Case 4 at the end of the year
Case 1
View AnswerTAX EXPENCE A/C DR 92700
TO PROVISION FOR TAX 92700
PROVISION FOR TAX DR 92700
TO INCOME TAX DUE 52700
TO TDS RECEIVABLE 40000
INCOME TAX DUE DR 52700
TO BANK 52700
Case 2
View AnswerINCOME TAX REFUND DUE DR 40000
TO TDS RECEIVABLE 40000
BANK A/C DR 40000
TO INCOME TAX REFUND DUE 40000
Case 3
View AnswerTAX EXPENCE A/C DR 15450
TO PROVISION FOR TAX 15450
PROVISION FOR TAX DR 15450
INCOME TAX REFUND DUE 24550
TO TDS RECEIVABLE 40000
BANK DR 24550
TO INCOME TAX DUE 24550
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