Journal entry in the books of LLP and Partners Books

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies how to record journal entries in the books of an LLP and its partners, particularly concerning advance tax, TDS, and TCS. The example provided shows a journal entry on 31st March 23 where partners are debited for the firm's advance tax, TCS, and TDS receivables. The user is seeking further explanation on the rationale behind debiting partners for the firm's tax liabilities and how to record TDS and TCS transfers to partners' accounts.

Daya

Daya (Querist)
Follow

08 August 2023 how to make journal entry in the books of Partners Books
In The LLP there are three partners and theirs profit sharing ratio is A-50%, B-40% and C 10%
we passed journal entry in the books of LLP on 31st March 23
Partner A Dr - Rs, 50,00,000
Partner B Dr. - Rs, 40,00,000
Partner C Dr. - Rs. 10,00,000
To Advance Tax FY 2022-23 Rs. 80,00,000/-
To TCS Receivable Rs. 10,00,000/-
To TDS Receivable Rs. 10,00,000/-
My question is that also
How to Make journal entry in the books of partners TDS , TCS and TDS transferred to partners account Rs. 1,00,00,000.
Please reply.