Income tax refund f.y-11-13
Querist : Anonymous
kindly advice me and pass the JV for my below queries
actually for f.y-11-12 there were profit of Rs.172111 and same i have shown in reserve and surplus out of which the tax comes Rs.53182/- against which i total TDS Receivable was Rs.115796 and total refund was claim is 115796-53182=62610 for which i have not made any provision in f.y-11-12 and now i have received my claim amt Rs.62610.
now in my B/S. two entry is stands 1)Reserve and surplus Rs.172111 and
2)TDS Receivable Rs.115796.
kindly advice me to nullify it.
Querist : Anonymous
1)***
Dr.Provision for income tax 53182
Dr.Income tax refund receivable 62610
Cr.TDS receivable 115796
2)
Dr.Bank A/c 62610
Cr.Income tax refund receivable A/c 62610
(being income tax refund received)
Thanks & regards
Ganesh babu k
Querist : Anonymous
MY TDS receivable nullify and provision of IT 53182 is generated in Current Liabilities along with 172111 reserve and surplus is kindly advise me to nullify the same.
.
.
adjust reserves & surplus opening with provision as per previous year audit financial statement
Querist : Anonymous
1-profit for f.y-11-12 showing in b/s is 172111
2-tds receivable Rs.115796
3-tax on 172111 is 53176
4-refund claim 115796-53176=62620
now in f.y-13-14
i hv made entry as u mentioned
1-
prov. for tax f.y-11-12-(CL) 53176 Dr.
prov. for refund f.y-11-12 62620 Dr.
TDS receivable f.y-11-12 115796 Cr.
after doing all two entry showing in my b/s
1-reserve & Surplus 172111
2-Provision for tax f.y-11-12 53176
how i can nullify it kindly suggest me.
.
see make accounts tallied from signed audited financial statements
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