Income tax adjustment entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2014
Hello Sir,
One of client has received an income tax refund for the year FY 2009-10 with interest.
They had made provision for the same year in their books of accounts and also TDS & TCS receivable and Advance Tax for FY 2009-10.
What would be the journal entry for the same for its adjustment???
Please reply as soon as possible.
One of client has received an income tax refund for the year FY 2009-10 with interest.
They had made provision for the same year in their books of accounts and also TDS & TCS receivable and Advance Tax for FY 2009-10.
What would be the journal entry for the same for its adjustment???
Please reply as soon as possible.
01 August 2014
Bank a/c Dr
to Advance tax
to tds/tcs a/c.
Still pls narrate the amount. So it can be cleared
to Advance tax
to tds/tcs a/c.
Still pls narrate the amount. So it can be cleared
01 August 2014
Dr.Provision for income tax
Dr.Refund receivable (Balance fig)
Cr.TDS & TCS
Cr.Advance tax
.
Dr.BankA/c
Cr.Refund receivable
Cr.Interest on Refund
On receipt of refund money
Dr.Refund receivable (Balance fig)
Cr.TDS & TCS
Cr.Advance tax
.
Dr.BankA/c
Cr.Refund receivable
Cr.Interest on Refund
On receipt of refund money
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