Self assesement income tax paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 We r partnership firm we paid 100000 self assesement tax for 2013 14 in current year we have no made provision for last year audit done for last year how to make accounting entry please explain

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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02 January 2015 You can Do the entry debiting to profit & Loss Account.

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
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02 January 2015 Dear

You question is not clear so much.

However , accounting entries are concerned,

for making provision in the year 2013-14, entry will be

Audit fees a/c dr xxx
To Audit fees payable a/c xxx

and in the begining of next year i.e.,01/04/2014 entry will be

Audit fees payable a/c dr xxx
To "NAME OF THE FIRM" a/c xxx

Regards
Pradeep Kumar

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Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 We paid self assesement Income tax for year 2013-14 , In oct 2014 . now how can make paid tax entry in current year we completed 2013-14 audit our firm is partnership we have not made any tax provision in 2013-14 please explain deeply