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
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Refund claim received
Replies (3)
Where is from received...?
Where to you paid...?
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Where to you paid...?
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treat it as income for current 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.
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