Single Entity- TAX

This topic has 1 reply, 2 voices, and was last updated 15 years ago by MikeLittle.

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November 17, 2010 at 12:23 pm #46049
sahira786
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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?
November 18, 2010 at 3:53 pm #70927
MikeLittle
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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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