shreya singal (student) (297 Points)
19 September 2017HI. friends....have two doubts in passing accounting entries;
1. We received Rs.60,000/-(IT fee) from client which includes Rs.20000 that we have to pay to income tax. How to record this entry in one go?
2. When we adjust p&l with remuneration of partners...remuneration is shown under which head? and what are the entries?
RAJA P M
("Do the Right Thing...!!!")
(127076 Points)
Replied 19 September 2017
I think my way is long....
i) RECEIPTS:
Cr. Party A/c - 60000
Dr. Bank/Cash - 60000
ii) JOURNAL :
1. Dr. Party A/c - 6000
Cr. Audit Fee fee A/c - 4000
Cr. Tax Payments A/c - 20000 (under - Liability, Loans)
2. Dr. Tax Payments - 20000
Cr. Bank A/c - 20000
RAJA P M
("Do the Right Thing...!!!")
(127076 Points)
Replied 19 September 2017
Remuneration shown in Indirect Expenses..
Journal :
Dr. Remuneration A/c - XXXX (Under - Indirect Expenses)
Cr. Partners Name A/c - XXXX
Payment :
Dr. Partners Name A/c - XXXX
Cr. Bank/Cash - XXXX
Law Aspire
(CS)
(755 Points)
Replied 16 October 2017
The Tax payment is of client or of the Audit firm?
Please clear this, Whether audit firm is paying after collecting from Client
RAJA P M
("Do the Right Thing...!!!")
(127076 Points)
Replied 16 October 2017
| Originally posted by : Law Aspire | ||
 |
The Tax payment is of client or of the Audit firm? Please clear this, Whether audit firm is paying after collecting from Client |
 |
Explain again...!
Law Aspire
(CS)
(755 Points)
Replied 16 October 2017
20000 Rs. is tax liablity of Client or Audit firm ?
RAJA P M
("Do the Right Thing...!!!")
(127076 Points)
Replied 16 October 2017
What you want exactly...?
I'm not u/s your query...!
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