HI. friends....have two doubts in passing accounting entries;
1. We received Rs.60,000/-(IT fee) from client which includes Rs.20000 that we have to pay to income tax. How to record this entry in one go?
2. When we adjust p&l with remuneration of partners...remuneration is shown under which head? and what are the entries?
I think my way is long....
i) RECEIPTS:
Cr. Party A/c - 60000
Dr. Bank/Cash - 60000
ii) JOURNAL :
1. Dr. Party A/c - 6000
Cr. Audit Fee fee A/c - 4000
Cr. Tax Payments A/c - 20000 (under - Liability, Loans)
2. Dr. Tax Payments - 20000
Cr. Bank A/c - 20000
Remuneration shown in Indirect Expenses..
Journal :
Dr. Remuneration A/c - XXXX (Under - Indirect Expenses)
Cr. Partners Name A/c - XXXX
Payment :
Dr. Partners Name A/c - XXXX
Cr. Bank/Cash - XXXX
The Tax payment is of client or of the Audit firm?
Please clear this, Whether audit firm is paying after collecting from Client
| Originally posted by : Law Aspire | ||
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The Tax payment is of client or of the Audit firm? Please clear this, Whether audit firm is paying after collecting from Client |
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Explain again...!
20000 Rs. is tax liablity of Client or Audit firm ?
What you want exactly...?
I'm not u/s your query...!
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