TDS Receivable, TCS Receivable and Advance tax Paid transfer to Partners Capital account

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This discussion clarifies the correct journal entry for transferring TDS Receivable, TCS Receivable, and Advance Tax Paid to partner capital accounts. The entry debits each partner's capital account according to their profit-sharing ratio (A-50%, B-40%, C-10%) and credits the respective TDS, TCS, and Advance Tax accounts. The proposed journal entry is confirmed as true and accurate for the financial year 2020-21.

Daya

Daya (Querist)
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19 February 2022 In partnership firm there are three partners and theirs profit sharing ratio are
A-50%
B-40%
C-10%
and
TDS Receivable for FY 2020-21 Rs 40,00,000
TCS Receivable For FY 2020-21 Rs. 10,00,000
Advance tax Paid For FY 2020-21 Rs, 20,00,000
Total Rs. 70,00.000
Now my question is that i can pass journal entry on dated 31.03.2021
as bellows
A capital Account Dr-35,00,000
B Capital Account Dr-28,00,000
C Capital Account Dr.-7,00,000
TO TDS Receivable Rs. 40,00,000
To TCS Receivable Rs,.-10,00,000
To Advance Tax -20,00,00
are journal entry passed are true or false.
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