Income tax on firm
Querist : Anonymous
Suppose Income tax on firm income is Rs. 7500/- in AY 2012-13.
Please advise me that it should be debit in P&L appropriation A/c of FY 2011-12
or
It should be debited in capital A/c of each partner proportionatly of FY 2011-12.
or
It should be debited from the P&L a/c of FY 2012-13 as it is being paid in July 2012.
Waiting for your respconce.
Thanks
.
In ther first two alternatives you have to show "Provision for Income TAx A/c as on 31.03.2012.
.
In place of the 3rd alternative I would suggest you to debit the amount to Income Tax and apportion the tax amount to partners from Income Tax A/c. This will reduce your burden while making Computation of Income..
.
Querist : Anonymous
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