Help ! a/c entry

Deepak sharma (Learner) (1430 Points)

27 August 2014  

Hello All,

 

A client having following statistics for the year ending 31/03/2014, and for the same owner dont want to audit their accounts as well as agree to file return on 8% of total turnover, Please let me know what will be the entry to adjust Expense of  Rs 258000.00 in P&L to make our profit as per Income tax return.,

Statistics are as follows :-

 

Particulars

31/03/2014

 

Turnover

   6,600,000.00

 

GP (as per Inventory)

               995,000.00

 

Less: Indirect Expenses

               725,000.00

as per books

Net Profit As Per Books

               270,000.00

 

Should be for unaudited

               528,000.00

  @ 8%

Difference(NetProfit)

             (258,000.00)

 

 

Thanks in advance,

 

Regards

Deepak Sharma

deepak_8583 @ yahoo.com