POSTING ENTRY
This query is : Resolved
08 January 2009
hi
this is regarding partnership firm accounting.please say me where should i post income tax payment made of firm for previous year in this year
income tax for fy 2007-08 paid on 1/9/2008
posting entry in books of partnership firm
regards survesh
this is regarding partnership firm accounting.please say me where should i post income tax payment made of firm for previous year in this year
income tax for fy 2007-08 paid on 1/9/2008
posting entry in books of partnership firm
regards survesh
CA Tilak Raj Sharma
(Expert)
08 January 2009
Because the paymeny was made by you in the current year. The entry will be as under:
Partners' capital account Dr. (in the profit sharing ratio)
To Bank or cash account
Partners' capital account Dr. (in the profit sharing ratio)
To Bank or cash account
08 January 2009
why the Partners' capital account Dr why not to expenses account can i pass following entry
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
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