Journal entries
This query is : Resolved
07 July 2016
In partnership firm TDS is 3580 and Seif Assessment Tax paid is 11800 for AY 2014-15 paid in cash on 31/03/16. But the amount received from party BY CHEQUE after deducting TDS of Rs. 3580 is in AY 2015-16. how to journalise partys account, tds amount and tax paid amount were provision of Income Tax not made for AY 14-15.
And also give accounting treatment of TDS of AY 2015-16, Provision to be made if there is loss in AY 2015-16.
And also give accounting treatment of TDS of AY 2015-16, Provision to be made if there is loss in AY 2015-16.
Amol S Joglekar
(Expert)
07 July 2016
Since you are making payment of self assessment tax on 31/03/2016 i.e. well after the year closing of AY2014-15, you may debit the same to partner's capital account in their profit/loss sharing ratio. Alternatively you can pass the entry on 31/03/2016 by debiting self assessment tax ay 2014-15....choice is yours.
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