RECEIVED RS.10000/- CLAIM IN CURRENT YEAR WHICH IS PERTAINING TO PREVIOUS YEAR TAX PAYMENT MADE OF RS.60000/- HOW TO BOOK RECEIVABLE ENTRY IN PREVIOUS YEAR
RECEIVED RS.10000/- CLAIM IN CURRENT YEAR WHICH IS PERTAINING TO PREVIOUS YEAR TAX PAYMENT MADE OF RS.60000/- HOW TO BOOK RECEIVABLE ENTRY IN PREVIOUS YEAR
If the Tax amount receivabe was kept under current assets last year, adjust it with that. Else add it to Capital A/c. Since it is tax refund, cant be treated as Income.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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