please give the examples of the journal entries to be passed while recording tax payment
Corporation tax payment
01. For tax estimates
Debit Corporation income tax ( expenses type P/L )
Credit Corporation income tax liability ( liability type)
02. For tax payments use the check screen and select Corporation income tax liability under the Category.
03. Over/Underestimates adjust as in 01. journal for underestimates, if overestimated enter it as negative amount.
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