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How do you treat interest on advance payment of tax in financial statements?
Wiki User
∙ 15y ago
there is no interest on advance payment of tax
Wiki User
∙ 15y ago
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How does the description of accounting as the language of business relate to accounting as being useful for investors and creditors?
creitors are the persons who have extended credit to the company.they are also interested in the financial statements because they wiil help them in ascertaining whether the enterprise will be in a position to meet its commitment towards them both regarding payment of interest and principal... investors: a person who is contemplaing an investment in a business will like to know about its profitability and financial position.a study of the financial statements will help them in this respect
What is the difference between advance payment and down payment?
Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
What do you understand by advance tax payment did government provide any special bonus on advance payment of tax?
Advance tax payment is paying of tax to the government in advance, before the year ends. The government do not provide special bonuses.
Meaning Advance Payment Tax?
Advance payment of tax means to pay tax along with the earning of his income this tax is paid on the current year income in the same year .In fact, it is paid as advance and it is called advance payment of tax
Which websites offer an interest payment calculator?
The Calculator Site (www.thecalculatorsite.com) has interest payment calculators for loans and mortgages. Additionally, most financial institutions have interest payment calculators posted on their web site. They are all free to use.
What is a SWIFT MT991?
It is a message sent from financial institutions by computer to other financial institutions to request payment of interest and other fees.
How does the description of accounting as the language of business relate to accounting as being useful for investors and creditors?
creitors are the persons who have extended credit to the company.they are also interested in the financial statements because they wiil help them in ascertaining whether the enterprise will be in a position to meet its commitment towards them both regarding payment of interest and principal... investors: a person who is contemplaing an investment in a business will like to know about its profitability and financial position.a study of the financial statements will help them in this respect
What is an advance payment?
An advance payment is a part of a sum which is paid or received in advance for goods and services.
Which of these statements about loan terms is true?
A longer term equals a lower monthly payment and a higher dollar amount of interest paid.
What is interest curtailment?
From a financial point of view, I think only the idiot at Bank of America who decided to implement this word in there statements will really know. The only possible conclusion I could come to is "to reduce one's liability or outstanding debt, by making a payment." Hope I am close.
What is a historical record of a person's payment activity?
A historical record of a person's payment activity is typically referred to as a financial transaction history. It includes details of all the payments made by the person, such as purchases, bills, and transfers, and can be useful for tracking spending, budgeting, and financial planning. This information is often stored in bank statements, online banking platforms, and credit card statements.
What is the difference between advance payment and down payment?
Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.
What should I know about a loan classified as a cash advance?
Ask the interest rate, which is usually alarmingly high. Also inquire how your payments affect the cash advance balance. In other words, are the lower interest loans paid first with any payment that you make?
Which financial statements is prepared using the adjusted trail balance?
2003-2004 tax demand Tk.10000 but payment 2007-08
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
What do you understand by advance tax payment did government provide any special bonus on advance payment of tax?
Advance tax payment is paying of tax to the government in advance, before the year ends. The government do not provide special bonuses.
