Income on investment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2018
WHAT SHALL BE THE ACCOUNTING ENTRY FOR INCOME RECEIVED ON INVESTMENT BY BUSINESS PROPRIETOR,,,
WHETHER INCOME RECEIVED SHALL BE CREDITED IN CAPITAL ACCOUNT (BEING PROPRIETOR'S PERSONAL INCOME) OR IT SHALL BE CREDITED IN P& L ACCOUNT....
KINDLY NOTE ABOVE QUERY IS IN RELEVANT TO INCOME TAX PURPOSE
THANKS...
WHETHER INCOME RECEIVED SHALL BE CREDITED IN CAPITAL ACCOUNT (BEING PROPRIETOR'S PERSONAL INCOME) OR IT SHALL BE CREDITED IN P& L ACCOUNT....
KINDLY NOTE ABOVE QUERY IS IN RELEVANT TO INCOME TAX PURPOSE
THANKS...
12 August 2018
You can Transfer Profit after adjusting income tax to capital account
Dr Profit and loss A/c
Cr Income Tax payable (extent of Income Tax)
Cr TDS receivable (if TDS deducted)
Cr Advance Tax ( Advance Tax Paid)
Cr Capital A/c
Dr Profit and loss A/c
Cr Income Tax payable (extent of Income Tax)
Cr TDS receivable (if TDS deducted)
Cr Advance Tax ( Advance Tax Paid)
Cr Capital A/c
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