IN A PATNERSHIP FIRM A AND B R PATNERS
IN 1 APRIL 2009 ENTRY IS LIKE FOLLOWING
BY C\A A 67838
BY C\A B 67838
TO TDS 135676
I WANT TO KNOW WHAT IS THE MENAINING OF ABOVE ENTRY
WHAT IS THE MEANING OF ABOVE ENTRY
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MEANING OF ENRTY
Replies (1)
TDS of the firm for past year (most probably of previous year) is written off the Partners' Capital Account. In other words, TDS of previous year shown under Loans & Advances is transferred to Capital Account. You may have question that what would be the entry when this TDS is refunded. Whatever refund would be received in future will be credited to cap account with interest on refund shown as income.
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