Adjustment of advance tax
This query is : Resolved
22 December 2010
Dear Sir/Mam
In partnership firm, we provide a provision for tax, advance tax but after two year we received a demand of assessd tax how to entry made for such transaction ?
In partnership firm, we provide a provision for tax, advance tax but after two year we received a demand of assessd tax how to entry made for such transaction ?
22 December 2010
Dear Badal,
Provsion for tax & Advacne tax adjsuted with Partners Capital Account on part of the Tax Liability.
If new Demand arrived and paid by Cash & Bank need to be settled with partners Capital Account Only as Prior Period Adjsutment of the taxes.
Provsion for tax & Advacne tax adjsuted with Partners Capital Account on part of the Tax Liability.
If new Demand arrived and paid by Cash & Bank need to be settled with partners Capital Account Only as Prior Period Adjsutment of the taxes.
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