Hi All,
Grateful if someone could help me out with the following:
Company A pays advance payments for tax on a quarterly basis. At year end, it was noticed that for the payments performed during the year, USD 30 (e.g), which relates to bank charges, have been included as advance payment for tax.
Now if we want to reverse these USD 30, which accounts should be affected?
The tax liability account should increase by USD 30 and which other account? As the bank account has been correctly credited by USD 30.
Thanking you in advance.
Grateful if someone could help me out with the following:
Company A pays advance payments for tax on a quarterly basis. At year end, it was noticed that for the payments performed during the year, USD 30 (e.g), which relates to bank charges, have been included as advance payment for tax.
Now if we want to reverse these USD 30, which accounts should be affected?
The tax liability account should increase by USD 30 and which other account? As the bank account has been correctly credited by USD 30.
Thanking you in advance.