Recording Provision for Taxes
Trending Questions
What are the advantages of reducing the balance method?
Provision for taxation was Rs. 9, 000 on 31-03-2017 and Rs. 6, 000 on 31-03-2018. Income tax of Rs.5, 000 was paid during the year. Then how much provision for taxation should be made during the year?
Rs 8, 000
Rs 2, 000
Rs 6, 000
Rs 9, 000
How to calculate deferred tax on fixed assets?
Income Tax appears in trial balance ________ column.
a) debit balance
b) credit balance
c) L.F.
d) Income
While making the provision for tax in the books, which account is debited?
Provision for tax account
Profit & Loss account
Bank account
Income tax account
What are the tax advantages of a sole proprietorship?
A provision for ______ is the estimated amount that a business or individual taxpayer expects to pay in income taxes for the current year.
Bad debts
Discount on debtors
Taxation
None of the above
How much tax do I pay in a partnership?
- The proprietor of such a business pays income tax in his private capacity
- The income tax department has not made laws regarding the taxation of firms
- As sole trader has a simple business, so tax paying is not required
- The business is a separate undertaking for the purposes of tax
- Taxed
- Calculated
- Counted
- None of the above
Withdrew from bank for paying Income tax - Is itthe amount withdrawn for paying compaanys Income tax or that of the properitor ?
with example ? Also value based from the business
- False
- True
Prove that the accounting equation is satisfied in all the following transactions of Preeti Gupta.
(i) Started business with cash Rs. 10, 000.
(ii) Paid rent in advance Rs. 300
(iii) Purchased goods for cash Rs. 5, 000 and credit Rs. 2, 000.
(iv) Sold goods for cash Rs. 8, 000 costing Rs. 4, 000.
(v) Paid salary Rs. 450 and salary outstanding being Rs. 100.
(vi) Bought motorcycle for personal use Rs. 3, 000.