It refund entry

A/c entries 392 views 2 replies
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accountant
40 Points Joined September 2009

Suppose I receive Rs 43000 as IT Refund for the FY 2012-13 in Dec 2013 by ECS
What will be Entry in books ?

Suppose my refundable was 42000 as per Balance Sheet of 2012-13

           Gross Tax was          56000

Less : TDS Recvable was (-)  73000 

           Advance Tax        (-) 25000
 

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On 10 March 2014 at 14:11 Report
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Apt Co Advisory
1230 Points Joined June 2009
Bank A/c Dr. 43000/- To TDS Receivable 42000 To Interest on It refund 1000
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On 10 March 2014 at 18:09
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accountant
40 Points Joined September 2009

So TDS refundable balance will be trfd to capital and advance tax balance 25k should also be trfrd to capital a/c ?

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On 11 March 2014 at 15:16

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