Income tax payable
This query is : Open
20 July 2017
Hi Friends,
Income tax payable is showing in debit, can anyone let me know the treatment for this, what adjustment I should make to correct this.
Thanks
Ali
Income tax payable is showing in debit, can anyone let me know the treatment for this, what adjustment I should make to correct this.
Thanks
Ali
20 July 2017
WHERE IT IS SHOWING IN DEBIT. CLARIFY CLEARLY.
20 July 2017
I'm sorry I did not mentioned that.
In liabilities side, it is showing under brackets, e.g: Liabilities>Income tax payable (2500)
In liabilities side, it is showing under brackets, e.g: Liabilities>Income tax payable (2500)
20 July 2017
Pass entry
Income Tax
To P&L
21 July 2017
Dear Syed.,
Your firm is Which category....?
Proprietor or Partnership...?
21 July 2017
If proprietorship the you can adjust to Pro-Capital A/c or Pro-Current A/c.
21 July 2017
Ok thank you so much for you answer Dear Raja. Now it helps me.
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