What do you understand by the term deferred tax? Post category:Accountancy Reading time:1 mins read SOLUTION Deferred Tax is difference between tax on Accounting Income and Taxable Income. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostDefine Trade Payables. Next PostWhat is deferred tax asset? You Might Also Like Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of Rs. 15,00,000 payable Rs. 12,00,000 in fully paid shares of Rs. 10 each and balance through cheque. July 14, 2022 What is meant by ‘Fluctuating Capital’ of a partner? (AI 2016 C) October 7, 2022 Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019) October 28, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of Rs. 15,00,000 payable Rs. 12,00,000 in fully paid shares of Rs. 10 each and balance through cheque. July 14, 2022
Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019) October 28, 2022