Tds receivable

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Dear sir,
Iam working in a partnership firm as an accoutant.In their account I found in the current asset group the following amounts are lyeing as debit balance.
TDS receivable - 10-11 ---- Rs.79345
TDS receivable - 11-12 ---- Rs.122516
TDS receivable - 09-10 ---- Rs.43418
Please advice me whether I can transfer these amounts to partner's capital account by dividing their percentage vise.
Please reply back at the earleist.

Rupesh Jain

Rupesh Jain (Expert)

23 July 2013 pls check with computation of income tax of firm if all tds amount already adjust with liability
then you have to divide in profit & loss ratio
otherwise wait for refund cheque

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Thanks for the quick reply.Also please note that in the year 2010-2011 an amount of Rs.40610/- has not been taken into consideration while computation. Shall I can take this amount for this year 2012-13 computation.
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