Dear Sir,
Kindly advise which entry is suitable for provision for income tax.
(1). Proprietor Capital account. Dr.
Provision for income tax Cr.
(2) profit & Loss account. Dr.
Provision for income tax Cr
I have passes second entry in tally Net profit. 521000/-
Profit and loss account Dr. 11000/-
Provision for income tax Cr 11000/-
Rest balance profit 510000/- Transfer to Capital account. but now the problem is that I am preparing profit and loss and balance sheet in excel format here how can I adjust Rs.11000/-
CAclubindia
