Is what the anonymous person said true?
Homework Answers
Since this is the first year of operations and there is no existing tax payable account, there is no need to credit to tax account. It's a benefit of paying less tax which we will enjoy in future. So crediting to a benefit account is justified. More over income tax is a expense account so crediting a benefit to a expense account is not correct.
Moreover it doesn't matter by which name we create a account untill the treatment is correct. So anonymous person s remarks are not a serious concern to focus upon.
Feel free to ask any queries..
Also plz upvote it means a lot.. thank you
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Is what the anonymous person said
true?
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2019.
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at the...
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