Advance Tax Payment

Advance Tax   Payment  under  Short  Term  Loans  & Advances  , under Current  Asset  asset Side   Balance sheet  as per  Schedule III  of the Companies  Act  2013 

Pass  J. E

Advance Tax   A/c   Dr 

To  Bank         A/c    Cr 

(  Payment  of  Advance  Tax  to  Govt  A/c ) 

We are paying Tax in  advance  therefore  It is  under  Advances  under  Current  Asset  and   Same was mentioned above .