CT double entry Help!

a25
a25 Registered Posts: 1 New contributor 🐸
in Off-topic
Hi,
What is double entry for corporation tax? I just trying preper the final accounts for my client but I don't know how to accounts for CT.
I using only spreadsheets.

Comments

  • AK002
    AK002 Registered Posts: 2,442 Beyond epic contributor 🧙‍♂️
    It seems a tiny bit worrying that you have clients yet don't know a rather basic bit of double entry..

    However, i'm not here to judge.

    Do you mean payment of corporation tax? Bringing in the corporation tax provision?
  • Monsoon
    Monsoon Registered Posts: 4,020 Beyond epic contributor 🧙‍♂️
    ^What AK said.

    However:

    CT for the year would be DR Profit and Loss, CR Balance Sheet (liability)

    Payment of CT would be CR Bank and DR Balance Sheet (Liab)

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