Question No 11 Chapter No 14 – USHA Publication 11 Class

Question No 11 Chapter No 14

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%

The solution of Question No 11 Chapter No 14: –

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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

 

 

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