Dev K Sharma (Learning Thru Experience) (157 Points)
20 June 2011Our Comany getting 99% exemption under Government Scheme on Total Sales Tax, So we have to pay only 1% of total tax payable monthly,,,
At the end of the year 99% will be showing payable in the Sales Tax Payable account.
So, what will be the entry made for balance of 99% monthly,,, or which account i have to transfered the amount under which ledger & group...
Thanks .........
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 June 2011
balance 99% should be treated as income
entry will be
saless tax payable ac - - -- - - dr.
to subsidy received
CAclubindia
