Income tax entry of partnership firm

This query is : Resolved 

07 June 2019 What will be the entry of a Partnership firm for provision of income Tax? should it be part of profit & loss account or appropriation account? Profit to be shared between partners is before income tax or after income tax? Please guide with accounting entry.

07 June 2019 One way of doing it is to debit partner's capital account for payment/provision of income tax (This is similar to proprietory accounts)
Another way of doing it is like Company
Debit Profit and Loss account (And not appropriation)
Credit Provision for taxation

07 June 2019 Thanks for reply. Profit that is to be shared between partners is the profit before income tax or profit after income tax


07 June 2019 Profit after income tax/ provision for income tax



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