ACCOUNTING ENTRY

This query is : Resolved

survesh (Querist)
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08 January 2009

hi
this is regarding partnership firm accounting.please say me where should i post income tax payment made of firm for previous year in this year
income tax for fy 2007-08 paid on 1/9/2008
posting entry in books of partnership firm

regards survesh

Shyam Lal Naik

Shyam Lal Naik (Expert)
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08 January 2009 If provision for Income tax was made on 31.03.08, then : -

Provision for Income Tax Dr
Bank/Cash A/c. Cr

If no provision was made, then

Profit & Loss Appropriation A/c Dr
Bank/Cash A/c Cr