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Journal entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 March 2017 Dear Sir/Mam,

i have following details, please suggest how to pass journal entry??

Total Net profit 328750
Interest on housing loan 40104 for the entire year(shown negative balance while filling the ITR)
ITR shows Net Profit of 288644.

how to pass entry for the above mentioned details to transfer profit to capital account
How much profit should i show in profit and loss account and how much profit should i transfer to capital account?

Please help to solve the problem


Thanx regards,

Chandni.
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CA. Ramiz M. Rather

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CA. Ramiz M. Rather (Expert)
27 March 2017 In my opinion total net profit should be credited to capital account because installment of housing loan if paid from this business might be already shown in drawings. Transfer entry will be as Follows:
P&L A/c Dr 3,28,750/-
To, Capital A/c 3,28,750/-
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