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Single Entity- TAX

Ssahira78615y ago
If tax in the trial balance is oon the CR side of the trial balance... does that mean its deferred tax or is it prepaid tax?
MikeLittleMikeLittleTutor15y ago#1
It sounds like it's an over-provision from last year. deferred tax will be identified as such in a trial balance and prepaid tax ( think about the double entry credit cash and debit the tax account ) would be a debit balance
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