Poonawalla fincorps
Poonawalla fincorps

It advance & payable treatment

This query is : Resolved 
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(Querist)
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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 March 2014 Yes the journal entry is correct.

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