Journal entry and transfer entry

This query is : Resolved

sandeep (Querist)
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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)

CA Yugal Purohit

CA Yugal Purohit (Expert)
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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.

Rupesh Jain

Rupesh Jain (Expert)
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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

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