Accounting of advance tax and income tax
This query is : Resolved
15 June 2016
IN THE BOOKS OF A PARTNERSHIP FIRM, HOW DO WE TREAT ADVANCE TAX AND INCOME TAX . IS IT SHOWN IN P&L APPROPRIATION ACCOUNT????????????????????
Rupesh Jain
(Expert)
15 June 2016
advance tax you can stand at assets side and after make final payment its will be debit the capital a/c in partner capital a/c in their profit sharing ratio.
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