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journal entry of paying advance tax from partnership firm
what will be the journal entry when partners make payment their advance tax fy16-17 from their firm account? and what will be grouping head of advance tax in tally
Replies (8)
Dr Partners Capital Account
Cr Bank
being advance tax paid by firm on behalf of partners debited to their respective capital accounts.
Cr Bank
being advance tax paid by firm on behalf of partners debited to their respective capital accounts.
million thanks sir
I AGREE WITH CA ABHAY GUPTA
In my opinion, you should not transfer the Advance Tax amount to the Partners Capital a/c now. Rather , you should create a Current Asset a/c for the same. At year end , after determination of total tax , etc. only you should transfer the total or net amount to the Partners Capital account.
THAT CAN BE ALTERNATIVE PRESENTATION
i m very much thankful to all of u for clarify my doubt, a million of salute to all of you.
What entry will be passed at the time of payment of advance tax of partnership firm?
Shall I deduct tds from the party while making payment who installed CCTV?
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