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model tax adjustments from the following items found in the trial balance of exe ltd 619418

Model: Tax adjustments From the following items found in the trial balance of Exe Ltd on 31 December 2010 and the adjustment given in the following, show how the items would appear in the relevant accounts:

Trial Balance

Particulars

Advance Tax Paid (2009)

50,000

Provision for Taxation (2009)

75,000

Tax Deducted at Source (TDS)

10,000

Adjustments:

  1. Income tax for 2009 has been assessed at Rs.90,000 against which the advance payment of tax and TD are to be adjusted
  2. Provide Rs.50,000 for taxation on current profits

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