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)
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.
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
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