journal entry
This query is : Resolved
07 August 2010
1.WHAT WILL BE JOURNAL ENTRY IN BALANCE SHEET FOR THE REFUND CLAIM WHICH HAS BEEN NOT RECD AND SHOWN IN IT RETURN.
2.WHAT WILL BE JOURNAL ENTRY FOR S.A. TAX PAID FOR 2009-10 IT RETURN FOR THE 2010-11 IT RETURN
1.WHAT WILL BE JOURNAL ENTRY IN BALANCE SHEET FOR THE REFUND CLAIM WHICH HAS BEEN NOT RECD AND SHOWN IN IT RETURN.
2.WHAT WILL BE JOURNAL ENTRY FOR S.A. TAX PAID FOR 2009-10 IT RETURN FOR THE 2010-11 IT RETURN
07 August 2010
you want entries in case of company or individual?
07 August 2010
1. Debit provision to Advance tax & TDS a/c. balance in that account will be shown as income tax refund due.
2. Debit it to provision a/c.
2. Debit it to provision a/c.
Message likes :
1 times
07 August 2010
In Individual---
1) Capital A/c Dr...(Actual Tax Liability)
IT Refund (AY 10-11) A/c Dr...
To Advance Tax A/c
To TDS Receivable A/c
To Self Assessment Tax A/c
2)Self Assessment tax A/c Dr.....
To Bank A.c.
1) Capital A/c Dr...(Actual Tax Liability)
IT Refund (AY 10-11) A/c Dr...
To Advance Tax A/c
To TDS Receivable A/c
To Self Assessment Tax A/c
2)Self Assessment tax A/c Dr.....
To Bank A.c.
Message likes :
1 times
07 August 2010
In Company---
1) No entry is passed to show refund effect automatically takes place as Tax paid (Assests) is more than Provision (Liability) So excess tax paid is Refund (assets).
2) Self Assessment tax A/c Dr....
To Bank.....
Final adjustment entry is passed on receipt of assessment order.
1) No entry is passed to show refund effect automatically takes place as Tax paid (Assests) is more than Provision (Liability) So excess tax paid is Refund (assets).
2) Self Assessment tax A/c Dr....
To Bank.....
Final adjustment entry is passed on receipt of assessment order.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
