19 February 2022
In partnership firm there are three partners and theirs profit sharing ratio are A-50% B-40% C-10% and TDS Receivable for FY 2020-21 Rs 40,00,000 TCS Receivable For FY 2020-21 Rs. 10,00,000 Advance tax Paid For FY 2020-21 Rs, 20,00,000 Total Rs. 70,00.000 Now my question is that i can pass journal entry on dated 31.03.2021 as bellows A capital Account Dr-35,00,000 B Capital Account Dr-28,00,000 C Capital Account Dr.-7,00,000 TO TDS Receivable Rs. 40,00,000 To TCS Receivable Rs,.-10,00,000 To Advance Tax -20,00,00 are journal entry passed are true or false. Please reply
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