Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2011
Dear friends,
if partnership firm paid income tax so what what is account entry will be for it....
i am Confuse about account entry which is related to income tax payment..
please guide me
thanks in advance...
if partnership firm paid income tax so what what is account entry will be for it....
i am Confuse about account entry which is related to income tax payment..
please guide me
thanks in advance...
08 April 2011
From ur query it seems that the income tax is paid on income of the firm.
Accounting entries.-
Income Tax A/c Dr.
To Cash/ Bank.
Income Tax A/c Dr
To Individual Partners Capital Account
The credit shall be given in profit sharing ratio)
From ur query it seems that the income tax is paid on income of the firm.
Accounting entries.-
Income Tax A/c Dr.
To Cash/ Bank.
Income Tax A/c Dr
To Individual Partners Capital Account
The credit shall be given in profit sharing ratio)
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