Hello I am stuck with a company's account entry in tally.
Total sales for the company is 517081.
As per Turnover u/s 44AD @ 6% net taxable income was calculated 31024.86 which is rounded off to Rs.31020.
Now Tax payable thereon @ 30% comes to Rs.9306.
Education Cess 3% comes to 372.24 and Interest u/s 234B and 234c comes to Rs.548 and Rs.137 respectively.
Total tax payable comes to 9306+372.24+548+137 => Rs.10363.24
The company has paid advance tax of Rs.17000/- in FY 18-19. The company is suppose to get refund of 17000-10363.24 = Rs.6636.76
Profit and Loss shows Net Loss of Rs.94976.45
There are 2 partners in the company.
How do I pass the following entries of Provision of Income tax and net Loss. I am new in this stuff. Unable to calculate and enter what actual net loss would be and how to enter net loss for 2 partners.
Plz help, thanks.
CAclubindia
