Accounting treatment in the case of LLP and partners
This query is : Open
27 August 2023
Accounting treatment of Advance tax and TDS paid by LLP and year end entry made by firm in the
books of LLP
In the books of LLP at the FY end
Partners capital account Dr.
To Advance tax
Now can i book the advance tax paid by firm in my books as Advance tax personal expenses in the FY year end in partner books
Partnership firm expenses A/c Dr
To Partnership firm A/c
books of LLP
In the books of LLP at the FY end
Partners capital account Dr.
To Advance tax
Now can i book the advance tax paid by firm in my books as Advance tax personal expenses in the FY year end in partner books
Partnership firm expenses A/c Dr
To Partnership firm A/c
27 August 2023
Tax paid by the LLP is it's firm's expenditure. it's not into the partners account.
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