POSTING ENTRY

This query is : Resolved

survesh (Querist)
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08 January 2009 hi
this is regarding partnership firm accounting.please say me where should i post income tax payment made of firm for previous year in this year
income tax for fy 2007-08 paid on 1/9/2008
posting entry in books of partnership firm

regards survesh

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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08 January 2009 Because the paymeny was made by you in the current year. The entry will be as under:

Partners' capital account Dr. (in the profit sharing ratio)
To Bank or cash account

survesh

survesh (Querist)
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08 January 2009 why the Partners' capital account Dr why not to expenses account can i pass following entry
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank

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