Menu
It refund entry entry
how to account income tax refund received when there is no receivable in opening shown.we cant take it as income as it's not income.Ehat entry can be passed.
Replies (5)
Quick Summary
Bank A/c dr.
to income tax refund
to income tax refund
Income tax refund ( create under capital account )
Previously there is a receivable which had been booked being the surplus of tax.
Earlier such taxes would have been debited to capital account. Now you will have to credit to capital account.
Bank A/c Dr.
To Capital Account.
Adjust with capital because you have earlier given the effect in your P/L A/c which is adjusted with capital
Recent Topics :
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
- Does Parag gupta's booster batch good for CA Inter
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
Related Topics :
CAclubindia
