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Payment of taxes by company
how company record the payment of taxes and in which account it is debited p&l a/c or any other??
Replies (3)
Quick Summary
DR CURRENT TAX
CR TAX PAYBLES
AND
PURCHASES DR
GST DR
TO PAYABLES CR
AND
BANK DR
GST CR
SALES CR
OUTPUT GST-INPUT GST = GST PAYABLE IT SEEMS
UNTIL YOU DO THE ABOVE FORMULA DURING FINALISATION
"Input GST is current assets and output GST is current liabilities"
Purchase account will not be debited.
I am asking about direct tax
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