S.tax entry
This query is : Resolved
21 March 2015
dear sir suppose s.tax of a month is 75286/- s.tax paid 76214/- fine 928/ (76214-75286= 928)
then entry (in payment v.)
s.tax a/c ..dr(76214)
bank a/c ....cr(76214)
&
in journal entry
Fine a/c ..dr(928)
s.taxa/c...cr(928)
is this correct .
21 March 2015
There is nothing wrong in this entry as ultimately effect will be same but why to pass 2 entries ? you can pass 1 entry as below,
S.Tax Dr. 75286
Penalty on S. Tax Dr. 928
To bank Cr.76214
S.Tax Dr. 75286
Penalty on S. Tax Dr. 928
To bank Cr.76214
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