Income tax payment
Querist : Anonymous
Propriter paid rs 6000.00 income tax in f.y.2011-12 for f.y.2010-11
what will be entry in books of account....
and what will be account entry for partnership firm if paid by firm's bank as mention above,,
In firm cases also the same entry
Querist : Anonymous
it is paid in accounting year 2011-12 for accounting year 2010-11
In case income tax paid for financial year 2010-11, the same need to be shown as deduction from capital in case of proprietorship concern. so pass the entry
Dr: Captial a/c
Cr: Bank a/c
Narration clearly mention income tax payment for the year 2010-11
In case of partnership firm create one separate Income tax account under Profit & loss a/c and debit there
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