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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
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