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Querist : Anonymous

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Querist : Anonymous (Querist)
17 December 2011 sir query regarding receipt and payment account.

in the case of payment of salary how it can be disclosed in said accounts.

entry is
salary a/c Dr 1000
to bank 980
to professional tax 20


in the above case i have the perplexity regarding the entry

that is whether we have to show the gross amount on credit side or the net payment.

or gross on credit side and in excess of professional tax is on debit side and while depositing the amount with the department again it has to show as a payment under the professional tax account.

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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 December 2011 Your entry is correct. you can show as professional tax payable instead of Professional tax
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