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Provision

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(Querist)
09 May 2018
Dear Sir,

we have tax liability as on 31 march 2018 Rs .63000/- but we deposit Rs .27000/- in Dec 17 so please suggest what entry should be in tally for provision of income tax in Partner ship firm

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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 May 2018 Credit Provision for Income Tax payable by Rs 36000/ and debit to all the partners in their profit sharing ratio.
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Amandeep Singh

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Amandeep Singh (Querist)
09 May 2018 Thank you Sir

Can We need to mention Tax payable or can we write Provision for income tax
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 May 2018 'Provision for Income tax' is the appropriate a/c head.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 May 2018 "Provision for Income Tax " sounds better. Use this only.

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