19 July 2014
sir, we have received an demant notice for the year 12-13 and we have deposited the same with the department. now we are finalising the b/s for the yr ended 13-14. i want to know how to make accounting enteries & show this in p&l a/c or b/s. assessee is private ltd company
20 July 2014
Will not appear in Balance sheet . . As demand raised and paid in full . . In Statement profit and loss it will appear as prior year tax . . which will be along with current tax and defered tax ..
. Entry Recommended can be as follows . . Dr.prior Year tax Cr.bank A/c
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