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    bustergr's Avatar
    bustergr Posts: 2, Reputation: 1
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    #1

    Jul 29, 2007, 01:14 PM
    Journal Entry to Record Estimated Quarterly Income tax
    I need to record an estimated quarterly income tax payment and am not sure of what the entry would be. Any help would be greatly appreciated.

    Dr??
    Cr Cash for the payment

    Thanks
    Zero's Avatar
    Zero Posts: 16, Reputation: 3
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    #2

    Jul 29, 2007, 03:08 PM
    Tax charge through the P&L statement would make sneeze to me.
    vrinda's Avatar
    vrinda Posts: 1, Reputation: 1
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    #3

    Jul 31, 2007, 09:48 PM
    Quote Originally Posted by bustergr
    I need to record an estimated quarterly income tax payment and am not sure of what the entry would be. Any help would be greatly appreciated.

    Dr ????
    Cr Cash for the payment

    Thanks
    TAX A/C
    conroypi's Avatar
    conroypi Posts: 11, Reputation: 1
    New Member
     
    #4

    Aug 1, 2007, 11:33 PM
    Quote Originally Posted by bustergr
    I need to record an estimated quarterly income tax payment and am not sure of what the entry would be. Any help would be greatly appreciated.

    Dr ????
    Cr Cash for the payment

    Thanks
    You have part of the calculation correct. First, This is an estimate, so cash is not being affected here. Your journal for the estimate is as follows:

    Dr Tax Expense (Expenses account)

    Cr Taxes Payable (Liability account)

    At the point the taxes are actually paid, the entry would be as follows:

    Dr Taxes Payable (Liability account)

    Cr Cash (Asset account)


    Hope this helps
    himanshu1296's Avatar
    himanshu1296 Posts: 1, Reputation: 1
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    #5

    Oct 12, 2010, 01:37 AM
    Capital a/c Dr.
    To Cash/Bank a/c
    Qianyng's Avatar
    Qianyng Posts: 2, Reputation: 1
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    #6

    Mar 14, 2011, 10:52 PM
    I have a question about deferred tax asset of RM300000 in respect of a deductible difference of RM2 million, but the company had only recognized RM100000 as an asset in the balance sheet. During the year ended 31 December 2010, the company pioneered a new product process and expected to generate a prosperous business and sustained profit from 2011.

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