Income tax entries
This query is : Open
15 July 2012
can anyone plz tell me what are the accounting entries in regard to income tax of a proprietor?
whether it is a part of capital a/c or should i show it as a TDS Receivable in current asset?
plz its urgent..........
whether it is a part of capital a/c or should i show it as a TDS Receivable in current asset?
plz its urgent..........
15 July 2012
if you are asking for proprietorship advance tax paid, TDS deducted and IT or Proprietor then find here as below,
Advance tax paid Dr
To Bank
TDS(Assets) Dr
To Sundry Debtors
Income tax Exp. Dr
To Advance tax
To TDS
To Income tax Payable
Income tax payable Dr
To Bank
Advance tax paid Dr
To Bank
TDS(Assets) Dr
To Sundry Debtors
Income tax Exp. Dr
To Advance tax
To TDS
To Income tax Payable
Income tax payable Dr
To Bank
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17 July 2012
sir,
can we show all these entries through capital a/c of the proprietor?
tally entries:-
1) TDS receivable Dr---( under cap a/c)
to s.debtor
2) advance tax Dr---( under cap a/c)
to bank a/c
3) self ass tax Dr---( under cap a/c)
to bank
4) capital a/c Dr
to TDS receivable
to advance tax
to self ass tax
can we show all these entries through capital a/c of the proprietor?
tally entries:-
1) TDS receivable Dr---( under cap a/c)
to s.debtor
2) advance tax Dr---( under cap a/c)
to bank a/c
3) self ass tax Dr---( under cap a/c)
to bank
4) capital a/c Dr
to TDS receivable
to advance tax
to self ass tax
25 July 2012
dear expert where to show income tax expense a/c in books ( prop business)?
25 July 2012
income exp.a/c is shown after PAT under P&L A/c
26 July 2012
sir,
does it equivalent to prov for current tax a/c as we do in case of company??
p&l A/c Dr
to prov for current tax a/c.
does it equivalent to prov for current tax a/c as we do in case of company??
p&l A/c Dr
to prov for current tax a/c.
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