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Advance Accounting

This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.

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April 19, 2021 at 5:25 pm #618235
JULWAT
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Income Tax Balance Brought forward 10,000 Dr in the TB and in additional Information Income Tax 135,000, What are the correct Entries?
April 20, 2021 at 6:16 am #618259
John Moffat
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Assuming no other information, the tax charge will be debited to the income tax account and credited to income tax payable account. This will result in an expense in the SOPL of 136,000 and a liability in the SOFP of 135,000.
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