Hi all,
Please any one let me know how to account for Mat Credit with Guidence Note Reference.
Regards,
Rudresh
Rudresh.B.M (Article Assistant) (38 Points)
13 October 2008Hi all,
Please any one let me know how to account for Mat Credit with Guidence Note Reference.
Regards,
Rudresh
Rohit Khare
(student)
(111 Points)
Replied 14 October 2008
Journal Entry will be as follows:
In the year of accounting of MAT Credit
MAT Credit Entitlement A/c (Loans & Advances) Dr.
To P&L A/c
In the year of seting off MAT credit, following entry be passed:
Provision for Tax A/c Dr.
To MAT credit Entitlement A/c
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