Journal entry and transfer entry
This query is : Resolved
19 August 2014
if a properitor deposit income tax what will be entry for this and
income tax will show where ( profit and loss or balance sheet inwhich head)
income tax will show where ( profit and loss or balance sheet inwhich head)
CA Yugal Purohit
(Expert)
19 August 2014
When you deposit income tax entry will be :
I.tax a\C ....DR
TO CASH A\C
And in last year you supposed to make provision for income tax and in the year of submission,you write off that provision by following entry :
PFT A|c ..DR
to I.Tax
Further income tax will be less from from your capital in the balancesheet.
I.tax a\C ....DR
TO CASH A\C
And in last year you supposed to make provision for income tax and in the year of submission,you write off that provision by following entry :
PFT A|c ..DR
to I.Tax
Further income tax will be less from from your capital in the balancesheet.
Rupesh Jain
(Expert)
20 August 2014
when you deposit the tax
income tax a/c / prop. capital a/c
to cash/bank
if you debit the income tax a/c
then in end of the year tfr to prop capital a/c
prop capital a/c
to income tax a/c
income tax a/c / prop. capital a/c
to cash/bank
if you debit the income tax a/c
then in end of the year tfr to prop capital a/c
prop capital a/c
to income tax a/c
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
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
