tax refund......correct me if i am wrong
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2011
I did the following entry. (tax refund)
Receipt
To interest (indirect income)
To advance income tax (current asset)
By bank.
1.does interest (tax refund interest ) come under indirect income or shall i enter under current asset
2. shall i create a new income tax refund a/c or is it right as above in advance tax a/c
3. does the entry come under receipt
thanks.
Receipt
To interest (indirect income)
To advance income tax (current asset)
By bank.
1.does interest (tax refund interest ) come under indirect income or shall i enter under current asset
2. shall i create a new income tax refund a/c or is it right as above in advance tax a/c
3. does the entry come under receipt
thanks.
11 January 2011
correct receipt entry.
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