Profit - is the excess of earnings overexpenditure. It is calculated using the difference between the proceeds received from the sale of products and the funds that have invested to produce this type of product.
If this difference is positive, it is necessary to talk about profits, if negative, is about loss.
In accounting, management of business transactions done directly via postings.
You will need
- Declaration of income tax, accounting certificate, tax registers, bank account statement, payment orders.
, You must make the following to reflect the amount of income tax, which is calculated from the accounting profit wiring: D99 "Gains and losses" K68 "Calculations of Taxes and Duties."
Next, it is advisable to reflect the deferred taxasset, ie that part of the income tax, which will reduce the tax and which is paid in subsequent periods. This is done with the following correspondence: D09 "Deferred tax assets" K68. Primary documents are the financial help and tax registers during this operation.
By reducing the deferred tax asset, you mustpostings reflect this: D68 K09. Debit tax asset, but rather the amount at which a reduction in the future will not be made, you can by writing: D99 K09.
Flip deferred taxcommitment, you can use transactions: D68 K77 "Deferred tax liabilities". At its maturity, you must make the following entry: D77 K68. Therefore, attributed this obligation, which is not to be increased profits should be correspondence: D77 K99.
When you pay advance tax payments ontheir income is necessary to reflect on the basis of bank statements from the current account. This is done by wiring: D68 K51 "Settlement accounts". When paying income tax make the same record.