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Journal entryBeginnerPublished

Question · Current tax: liability, instalments and loss carry-back

In June, Arvenais pays 40,000 to the tax authorities as an instalment on tax for the current year, whose amount will be known only at the reporting date. Record this payment.

Instalment paid
40,000
Your answer
  1. Line 1

    Account Current tax asset (instalments)

  2. Line 2

    Account Cash

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