Accounting treatment of income tax refund for LLP
This query is : Resolved
01 October 2023
what is journal entry of income tax refund .
whether income tax refund ( Total refund Minus Interest income on income tax refund) should be distributed among partners according to profit sharing ratio.
whether income tax refund ( Total refund Minus Interest income on income tax refund) should be distributed among partners according to profit sharing ratio.
01 October 2023
Bank - Dr.
Interest on IT Refund - Cr.
Interest on IT Refund - Cr.
01 October 2023
How to distribute among partners and what would be the journal entry.
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