Tution fees where to show

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vilas yeole (Querist)
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05 June 2012 in case of tution fees for which deduction is claimed under section 80c is it correct to show in profit and loss account by transfering tution fees to profit and los account.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 Tution fees will not be shown in profit & loss account. It will be reduced from capital account as drawings.

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vilas yeole

vilas yeole (Querist)
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05 June 2012 what to do with previous year balance in income tax account for previous year shown under capital account.

vilas yeole

vilas yeole (Querist)
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05 June 2012 what entry to be passed for tution fees and what to do with balance in tution fees account it would reduce the balance of capital account in next year also.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 Drawings/Tution Fees A/c Dr
To Bank A/c

Capital A/c Dr
To Drawings/Tution Fees

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