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Journal entry
When adv tax is paid in partnership firm in lst year than how the adv tax will be utilized in current year??(it will be charged agnst current yr provision or will be adjusted frm partners capital acc??)
Replies (1)
At the time of payment:
Advance tax ...Dr
to bank
then at the year end:
P &l ....Dr
to provision for IT
next year it is:
Provision for IT...Dr
to advance tax
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