Income tax entry
This query is : Resolved
15 February 2014
sir I am working the propriter firm. they paid the income tax for the year 2012-2013 how to pass the income tax entry please
15 February 2014
normally tax in proprietorship firm is routed through capital account. so you debit credit the tax a/c and debit capital a/c..while paying tax, debit tax a/c and credit bank a/c
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