To Bank a/c 5000
Meaning of advance tax
Advance tax is the income tax payable if your tax liability exceeds Rs 10,000 in a financial year. Advance tax should be paid in the year in which the income is received.
3 golden rules
•debit the receiver , credit the giver
• debit what comes in , credit what goes out
•debit all the expenses and losses , credit all the incomes and gains
reason for debit and credit
Advance tax - Nominal A/c , its the expense to the company , therefore its debited
Bank A/c - Personal A/c , where bank pays to income tax department , banks is the giver therefore its credited
* i assume its paid by bank because now a days all transactions becomes online .
Advance tax A/c Dr 5000
To Bank A/c 5000
(being advance tax paid)
It is income earned during a particular period but not received until the end of that period.
Hope its Help..
1. drawing a/c dr. ₹10,000
to cash a/c ₹10,000
2. charity a/c dr. ₹ 10,000
to purchase a/c ₹10,000
answer is 6250
hope it will help you
Hi kuch bolo na
Income Tax paid—Dr.10, 000
To cash A/c—Cr.10, 000
(Income tax paid)
Total:-Dr.10, 000 and Cr. 10,000
It is income earned during a particular accounting period but not received until the end of that period. Examples of accrued income – Interest on investment earned but not received, rent earned but not collected, commission due but not received, etc. ...
little g). 13.1 – Newton's Law of Gravitation. Fg = −. Gm1m2 ... 2. /kg. 2. (5.98 × 10. 24 kg)¨¨ m. (6.38 × 10. 6 m)2. = ¨¨ mg ... On all planets, an object's gravitational.
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