Tution fees where to show
This query is : Resolved
vilas yeole
(Querist)
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.
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
(Querist)
05 June 2012
what to do with previous year balance in income tax account for previous year shown under capital account.
vilas yeole
(Querist)
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.
05 June 2012
Drawings/Tution Fees A/c Dr
To Bank A/c
Capital A/c Dr
To Drawings/Tution Fees
To Bank A/c
Capital A/c Dr
To Drawings/Tution Fees
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