Tally entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2012
dear sir pls.help for
income tax paid entry samz main aagya.
lekin Provision for income tax A/c,Advance tax Or TDS Receivable tally me kon se a/c ke under aayegi.
dear sir pls.help for
income tax paid entry samz main aagya.
lekin Provision for income tax A/c,Advance tax Or TDS Receivable tally me kon se a/c ke under aayegi.
10 May 2012
Suppose you made
(A) Advance Tax = Rs.1000
(B) Your TDS Deducted = Rs.500
(C) At the year end you estimate your total tax liability = Rs. 2200
(D) Therefore you require to make provision for Tax = Rs.700 (2200-1000-500)
(E) You make payment of tax related to past year in current year i.e. Rs.700
Following Entries required to be passed in books
(1) For Advance Tax
Advance Tax ..........Dr 1000
To Bank A/c 1000
(2) For TDS
TDS A/c ..............Dr 500
To Party A/c 500
(3) For tax provision
Profit & Loss A/c ..........Dr 700
To Provision for Tax A/c 700
(4) Payment of Tax Provisions
Provision for Tax A.c....Dr 700
To Bank A/c.................700
(5a) Finalisation entry in books
Tax Expense A/c..........Dr 1500
To Advance Tax A/c...... 1000
To TDS A/c.................. 500
(5b) Profit & Loss A/c .......Dr 1500
To Tax Expense A/c... 1500
ACCOUNTING HEADs FOR ALL ACCOUNTS
Advance Tax Balance Sheet Loans & Advances
TDS Balance Sheet Loans & Advances
Provision for Tax Balance Sheet CL & Provision
Tax Expense P & L A/c Expense
(A) Advance Tax = Rs.1000
(B) Your TDS Deducted = Rs.500
(C) At the year end you estimate your total tax liability = Rs. 2200
(D) Therefore you require to make provision for Tax = Rs.700 (2200-1000-500)
(E) You make payment of tax related to past year in current year i.e. Rs.700
Following Entries required to be passed in books
(1) For Advance Tax
Advance Tax ..........Dr 1000
To Bank A/c 1000
(2) For TDS
TDS A/c ..............Dr 500
To Party A/c 500
(3) For tax provision
Profit & Loss A/c ..........Dr 700
To Provision for Tax A/c 700
(4) Payment of Tax Provisions
Provision for Tax A.c....Dr 700
To Bank A/c.................700
(5a) Finalisation entry in books
Tax Expense A/c..........Dr 1500
To Advance Tax A/c...... 1000
To TDS A/c.................. 500
(5b) Profit & Loss A/c .......Dr 1500
To Tax Expense A/c... 1500
ACCOUNTING HEADs FOR ALL ACCOUNTS
Advance Tax Balance Sheet Loans & Advances
TDS Balance Sheet Loans & Advances
Provision for Tax Balance Sheet CL & Provision
Tax Expense P & L A/c Expense
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