Accounting entry
This query is : Resolved
Reshma Golani
(Querist)
19 November 2013
If entry is passed as
Capital a/c Dr
To prov for tax a/c
in partnership firm than what effect should be given in partners personal books??
CA Parul Saxena
(Expert)
19 November 2013
entry is wrong provision is made out of profit and not from capital....
Tushar Desai
(Expert)
20 November 2013
Yes, it is to be made from P & L Acc instead of Capital. Whatever remains in P & L after provisions & everything is transferred to Capital Acc in the END.
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