Journal Entry For Income Tax Paid By Cheque
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Helen what is the journal entry for income tax re assessment.
Journal entry for income tax paid by cheque. Private limited companies. To bank a c being computer purchased computer would be debited because it is an asset for the entity bank would be credit. There may be two case. It all depends on the type of assesse and the type of method of treatment they are adopting.
Case 1 when it is purchased for the purpose of daily office and adminstration use. If you owe less on the tax return than you paid you will receive money for the overpayment. Types 1 without creating provisions for income tax applicable to companies firms etc income tax ac dr to bank cash account profit and loss. This will result in a compound journal entry.
How to record a journal entry for a tax refund you need to keep a few things in mind to record an income tax refund journal. There is an increase in an asset account debit service equipment 16 000 a decrease in another asset credit cash 8 000 the amount paid and an increase in a liability account credit accounts payable 8 000 the balance to be paid after 60 days. Journal entry for income tax income tax is a form of tax levied by the government on the income generated by a business or person. Accounting and journal entry for income tax is done in a distinct way for different types of business establishments i e.
The company paid a 50 down payment and the balance will be paid after 60 days. In addition to entry shown in 1 if tax paid by cheque income tax paid for earlier years dr profit loss a c to bank a c if adjusted from other refund for another a y income tax paid for earlier years dr profit loss a c to advance income. My fiscal year end is 09 30 2012 on the income statement the income tax for year 2012 is 5000. The business paid to have the damage repaired and later the employee reimbursed the business with a check from her insurance company.
You receive the difference as a tax refund. Insurance journal entry questions question 1 an employee of our small business damaged our property with her car. Paid income tax 10000 by cheque in journal get the answers you need now.
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