Easy Office
LCI Learning

is the logic correct

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 January 2009 why the Partners' capital account Dr why not to expenses account can i pass following entry
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
Profile Image

CA Chaitanya

Profile Image

CA Chaitanya (Expert)
08 January 2009 You can do it. But while calculating the income tax it has to be added to the net profit.
Profile Image

CA Chaitanya

Profile Image

CA Chaitanya (Expert)
08 January 2009 It is not an allowable expenditure under the income tax act, 1961.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links