please some tell me what will be accounting entry in tally of payment of Partners salary through bank.. what will be accounting entry
Sunita Bisht
(Article Trainee)
(91 Points)
Replied 21 June 2017
1. At the time of Booking remuneration
Remuneration of partners Dr
To Partner A
To Partner B
2. At the time of payment debited from bank
Partner A Dr
Partner B Dr
To Bank A/c
S.S Bisht
(Accounts Manager)
(43 Points)
Replied 23 June 2017
Thanku Sunita so Partner ledgr will be created in Capital account Head.
Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.
srinivas
(Finance Manager)
(239 Points)
Replied 25 June 2017
Hi,
Payment to partners is treated as remuneration, not salary.
At time of partner income tax filing, this amount is calculated under business income.
mohd irfan
(acct.)
(82 Points)
Replied 07 February 2018
Hi if u have received the answer for your question
Partner ledgr will be created in Capital account Head. Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.
Kindly answer me the solution for the question you have asked.
MP
(employed)
(53 Points)
Replied 09 February 2018
Income tax refund entry (Refund 1000+ int 100=1100)
Bank a/c ...dr 1100
To interest on IT refund100
To Advance tax/ TDS (In Balance sheet)1000
satish
(teaching)
(2046 Points)
Replied 09 February 2018
Bank Dr.
To Icome tax Refund
To Interest on IT refund
mohd irfan
(acct.)
(82 Points)
Replied 15 February 2018
What will be the entry for income tax paid from bank Rs 2300 in partnership firm and what will be the entry for tax payment and what will be the entry of profit distribution to partner and which head to create in tally for income tax.
mohd irfan
(acct.)
(82 Points)
Replied 15 February 2018
asak can u tell me the entry for Income tax and profit distribution for partnership firm.
their are 3 partners and Profit of firm is Rs. 7465 they paid tax Ts.2310
1. what will be the entry for tax payment and the head under which ledger will create in tally.
2. Profit sharing for 3 partners are 50% 25% and 25% what will be the entry in tally and which head to be create for this profit sharing between them.
I am confused in this tax entry and profit distribution after tax how to adjust this profit after tax in entry in tally.
satish
(teaching)
(2046 Points)
Replied 15 February 2018
| Particulars | Amount (Rs) | Amount (Rs) | ||
| Profit before Tax | 7465 | |||
| Less: Taxation | 2310 | |||
| Profit to be transferred | 5155 | |||
| partner 1 | 2577.5 | |||
| Partner 2 | 1288.75 | |||
| Partner 3 | 1288.75 | |||
| Group | ||||
| Income Tax Dr | 2310 | Indirect exp | ||
| To Bank | 2310 | |||
| Profit and loss Dr | 5155 | |||
| To P&L Appropriation A/c | 5155 | Primary | ||
| P&L Appropriation A/c Dr | 5155 | |||
| To Partner 1 | 2577.5 | |||
| To Partner 2 | 1288.75 | |||
| To Partner 3 | 1288.75 | |||
Law Aspire
(CS)
(755 Points)
Replied 17 February 2018
| Originally posted by : srinivas | ||
 |
Hi, Payment to partners is treated as remuneration, not salary. At time of partner income tax filing, this amount is calculated under business income. https://www.accounts4tutorials.com |
 |
what is the difference between Salary and Remuneration
Pls tell
Sandeep Sharma
(Accounts executive)
(552 Points)
Replied 23 March 2019
mohd irfan
(acct.)
(82 Points)
Replied 07 May 2019
Arpan Patel
(2 Points)
Replied 04 June 2019
AT THE YEAR END SALARY TO PARTNER A/C IS TRANSFERRED TO P&L A/C
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