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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 11 Chapter No 14
Provision for Taxation
11. The opening balance in provision for taxation account was Rs 3,00,000 on 1.4.2018. the business enterprise earned a net profit of Rs 12,00,000 during the year 2018-19.
Prepare the necessary accounts for the year 2018-19 when rate of taxation was 30%
| Dr. | Provision for Doubtful Debts A/c | Cr. | |||||
| Dat | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/04/18 | By Balance b/d | 3,00,000 | |||||
| 31/03/19 | By Profit/Loss A/c | 60,000 | |||||
| 31/03/18 | By Balance C/d | 3,60,000 | |||||
| 3,60,000 | 3,60,000 | ||||||
| Dr. | Income Tax payable A/c | Cr. | |||||
| Dat | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 31/03/19 | By Provision for Taxation A/c | 3,60,000 | |||||
| 31/03/19 | By Bank A/c | 3,60,000 | |||||
| 3,60,000 | 3,60,000 | ||||||
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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