It advance & payable treatment
This query is : Resolved
04 March 2014
IT advance paid for the year 12-13 was Rs.1 lakh. Provision made for Rs.80,000/.
Is this entry correct?
Provision a/c Dr. Rs.80,000
IT refund receivable a/c Dr. Rs.20,000
To IT Advance a/c. Rs.1,00,000
Is this entry correct?
Provision a/c Dr. Rs.80,000
IT refund receivable a/c Dr. Rs.20,000
To IT Advance a/c. Rs.1,00,000
04 March 2014
Yes the journal entry is correct.
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