accounting treatment

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accountant

55 Points Joined January 2008

For a Private Ltd Coy
How should I write-off a prior prd TDS(Debit)(Rs.93000) made on 31.05.2005.
Option :-
A) whether tr.to Reserves & Surplus A/c.
Or
b) treating as an Prior prd item and keep in profit & loss a/c.

Suggest me the experts.

urgent.

Option :-

A) whether tr.to Reserves & Surplus A/c.

b) treating as an Prior prd item and keep in profit & loss a/c.

Suggest me the experts.

urgent.

Replies (2)

Guest

You should not tr this amount in Reserve & Surplus or Profit & Loss A/c.

I think this amount was excess paid to IT dept and you will get back from them in future so show this amount in Assets as Advance Tax Paid.

or If this is non refundable nature tax then just put in the P/L a/c under Tax paid (Duties & Taxes)

practice

206 Points Joined October 2007

Originally posted by :elango rk
"	For a Private Ltd Coy How should I write-off a prior prd TDS(Debit)(Rs.93000) made on 31.05.2005. Option :- A) whether tr.to Reserves & Surplus A/c. Or b) treating as an Prior prd item and keep in profit & loss a/c. Suggest me the experts. urgent. Option :- A) whether tr.to Reserves & Surplus A/c. Or b) treating as an Prior prd item and keep in profit & loss a/c. Suggest me the experts. urgent.	"