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Provision for tax as on01st Jan2014 is $200,000 (opg balance).... actual tax liability calculated for the year2013 is $180,000 during2014. Advance tax paid in the year2013 was $130,000 carried forward .. provision estimated for current year2014 is $150,000.. Answer: A. Tax paid $130,000 prov. for tax expenses $150,000 B. Tax paid $180,000 prov. for tax expenses $20,000 C. Tax paid $150,000 prov. for tax expenses $180,000 D. Tax paid $50,000 prov. for tax expenses $130,000
B. Tax paid $180,000 prov. for tax expenses $20,000