23 August 2023
Tax paid by LLP such as Advance Tax paid Rs. 10,00,000/- TDS Receivable Rs. 5,00,000/- TCS Receivable Rs. 5,00,000/- Total Tax Amount Rs. 20,00,00 There are three partners and Ratio are A 50%, B 25% and C 25 % whether I can pass journal entry on 31st march in LLP Books A's Capital A/c Dr. 10,00,000 B's Capital A/c Dr 5,00,000 C's Capital A/c Dr 5,00,000 To Advance Tax 10,00,000 To TDS Receivable 5,00,000 To TCS Receivale 5,00,000 Now my question is that can I pass in the books of partners capital on 31st march . Advance Tax A's Capital 10,00,000 Advance Tax B's Capital 5,00,000 Advance Tax c's Capital 5,00,000 To Partnership Firm LLP 20,00,000 Please reply, is correct or incorrect Entry.