Recording a repayment of Corporation Tax

radical1

I am hoping someone can help.

I have received a Corporation Tax repayment and not sure how to go about recording this on the accounts...could anyone help..

Thank you.

burg

It needs to be a credit to the corporation tax liability account in the balance sheet. You may well need a journal to account for the difference. i.e. dr CT liability cr CT over provisions in previous years.

radical1

Brilliant ,thank you for your help.