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 | ||||||
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
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)