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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
