Profit is the excess of income received over expenses. It is calculated using the difference between the proceeds received from the sale of products and the funds that were spent to obtain this type of product. If this difference is positive, then we should talk about profit, if negative, then about a loss. In accounting, business transactions are carried out directly with the help of postings.
It is necessary
Income tax declaration, accounting statements, tax registers, bank statement on current account, payment orders
Instructions
Step 1
To reflect the amount of income tax, which is calculated from accounting profit, you need to make the following entry: D99 "Profit and loss" K68 "Calculations of taxes and fees".
Step 2
Further, it is advisable to reflect the deferred tax asset, that is, that part of the income tax that will reduce the tax, and which is paid in subsequent reporting periods. This is done using the following correspondence: D09 "Deferred tax assets" K68. The primary documents for this operation are accounting statements and tax registers.
Step 3
By reducing the deferred tax asset, you must reflect this with entries: D68 K09. You can write off the tax asset, or rather the amount by which the reduction will not be made in the future, using the entry: D99 K09.
Step 4
It is possible to reflect the amount of the deferred tax liability using the entries: D68 K77 "Deferred tax liabilities". When you redeem it, you must make the following entry: D77 K68. Therefore, to write off this obligation, for which the profit will not be increased, you need to correspondence: D77 K99.
Step 5
When paying advance payments for income tax, they must be reflected on the basis of a bank statement from the current account. This is done using the posting: D68 K51 "Settlement accounts". When paying income tax, make the same entry.
