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Income tax payable

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(Querist)
20 July 2017 Hi Friends,

Income tax payable is showing in debit, can anyone let me know the treatment for this, what adjustment I should make to correct this.

Thanks
Ali
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
20 July 2017 WHERE IT IS SHOWING IN DEBIT. CLARIFY CLEARLY.
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Syed

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Syed (Querist)
20 July 2017 I'm sorry I did not mentioned that.
In liabilities side, it is showing under brackets, e.g: Liabilities>Income tax payable (2500)
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
20 July 2017 Pass entry Income Tax To P&L
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RAJA P M

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RAJA P M (Expert)
21 July 2017 Dear Syed., Your firm is Which category....? Proprietor or Partnership...?
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Syed

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Syed (Querist)
21 July 2017 My company is Proprietorship/Sole trading.
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RAJA P M

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RAJA P M (Expert)
21 July 2017 If proprietorship the you can adjust to Pro-Capital A/c or Pro-Current A/c.
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Syed

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Syed (Querist)
21 July 2017 Ok thank you so much for you answer Dear Raja. Now it helps me.
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RAJA P M

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RAJA P M (Expert)
21 July 2017 You are Welcome.....
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