Accounting entry
This query is : Resolved
19 November 2013
If entry is passed as
Capital a/c Dr
To prov for tax a/c
in partnership firm than what effect should be given in partners personal books??
19 November 2013
entry is wrong provision is made out of profit and not from capital....
20 November 2013
Yes, it is to be made from P & L Acc instead of Capital. Whatever remains in P & L after provisions & everything is transferred to Capital Acc in the END.
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