Query
This query is : Resolved
05 February 2016
we have paid 3335000 to the lawyer through bank for advance tax of the firm but he paid advance tax only Rs.3330000 ? & rest 20000 he kept with him self?
after sometime he paid this amount (20000) as advance tax of partner of the firm
how i make the entry in tally
after sometime he paid this amount (20000) as advance tax of partner of the firm
how i make the entry in tally
05 February 2016
Tax paid on behalf of the firm, may shown as a 'current asset' or may be deducted from 'tax provision' under the head 'current liabilities and provisions'.
Tax paid on behalf of the partner with funds of the firm shall be shown under drawings of the concerned partner or deduct from the concerned partner's capital a/c.
Pass the entries accordingly.
Tax paid on behalf of the partner with funds of the firm shall be shown under drawings of the concerned partner or deduct from the concerned partner's capital a/c.
Pass the entries accordingly.
06 February 2016
what about the amount which kept the lawyer for sometime & then deposit the same as advance tax of partner? how i make that entry in tally?????? kindly go through the question
06 February 2016
debit lawyer and credit the concerned bank
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