FBT Entry

This query is : Resolved

Gopal Sahani (Querist)
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30 April 2009 Dear Expert,
Please inform, what entries would be passed for the FBT March'09. and entry on the FBT payment.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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30 April 2009 FBT Dr
bank A/C Cr

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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30 April 2009 March 31st

FBT Dr
To FBT Payable

IN april when actual payment is made

FBT Payable Dr
To Bank

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CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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30 April 2009 For providing FBT,
Profit & loss A/c...........Dr
To Provision for FBT A/c

For Payment of FBT
1.Advance FBT........Dr
To Bank A/c
or
2.Self-Assessment FBT A/c...Dr
To Bank A/c

Adjustment of provision and payment in the following year

Advance FBT A/c.............Dr
Short Provision(if any)A/c..Dr
To Provision for FBT A/c
To Excess Provision A/c(if any)

If there is short or excess provision
Profit & Loss A/c.......Dr
To Short Provision A/c
or

Excess Provision A/c....Dr
To Profit & Loss A/c.

I hope the entries would suffice your requirements.