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Cash flow statement
Accountancy
1.income tax payable and provisions for income tax is same???? 2.in illustration 6 in profit and loss account income tax is given its refers to what provision for tax or current year income tax paid???and in adjustment given means what?? 3.how to treat lectures for income tax payable and provision for income ?? 4. I don't know what to debit and credit to income tax payable and provision for income tax account? 5.what should be debited and credited?? 6.basis for lecturee
Answers (1)
1. Not same. We have to calculate actual income tax paid using these amounts 2. It's provision for that year - tax expense for that year 3. As mentioned calculate tax outflow using those amounts The illustration has been well covered in videos - Illustration 10 of the cash flow module
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