Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2011 Dear friends,

if partnership firm paid income tax so what what is account entry will be for it....
i am Confuse about account entry which is related to income tax payment..
please guide me

thanks in advance...

prasad

prasad (Expert)
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08 April 2011
From ur query it seems that the income tax is paid on income of the firm.

Accounting entries.-

Income Tax A/c Dr.
To Cash/ Bank.

Income Tax A/c Dr
To Individual Partners Capital Account

The credit shall be given in profit sharing ratio)