question : from the below information derive the closing balance of provision for income tax account if opening balance is 500. last year tax paid 400. advance tax paid for current year 2000. net tax payable for current year 1500
my working : provision for tax account
500-cr 400-dr 2000-dr 1500-cr cl. bal. (400)cr
but the options are : 1500 , 3500 , 5100 , 1600
here I don’ t understand advance tax paid for CY is an asset or liability? Sir please solve. Thanks