account treatment entry
This query is : Resolved
07 July 2009
dear friends,
my firm is a partner ship firm I have paid income tax in cash rs 17000.00 for firm for fy 2008-09 the payment entry i passed is income tax debit to cash cr.
where should i adjust the income tax amount or journal entry if any
under what group should the income tax ledger be created
is it a part of balance sheet in capital ac or profit loss ac as exp.
Regards
Survesh
my firm is a partner ship firm I have paid income tax in cash rs 17000.00 for firm for fy 2008-09 the payment entry i passed is income tax debit to cash cr.
where should i adjust the income tax amount or journal entry if any
under what group should the income tax ledger be created
is it a part of balance sheet in capital ac or profit loss ac as exp.
Regards
Survesh
11 July 2009
In case of partnership firm, tax shall be debited to partner's account in proportion to their profit sharing ratio.
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