Dear All Respected Members,
Please educate me on following:
Suppose that a partnership firm filed their 2022 return. Firm shifted profit share to partners.
Upon filing return of partners, it is found that there are some admitted tax which need to be deposited first to file their returns.
Firm deposited that admitted tax on partners behalf in Sep. 2023.
Please educate that in which year this tax payment will be recorded? in FY 2022 or 2023 ? and what will be journal entry of it ?
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AA-39 Partner Admitted Tax Recording
Replies (20)
Post your financial data's.
Paid behalf of partners/promoters then its just drawings...
Dear Raja PM Sir,
Thanks for your reply.
please can you share journal entry of it.
Thanks for your reply.
please can you share journal entry of it.
Dear sabyasachi Mukherjee,
Thanks for your reply.
I am sorry that I can't share the data as it is confidential. Please consider dummy figures for reply of that query.
Payment:
Dr. Tax Paid A/c - XXXX
Cr. Bank A/c - XXXX
partner's account:
Dr. Partner's Current Account (Capital A/c) - XXXX
Cr. Tax Paid A/c - XXXX
Dr. Tax Paid A/c - XXXX
Cr. Bank A/c - XXXX
partner's account:
Dr. Partner's Current Account (Capital A/c) - XXXX
Cr. Tax Paid A/c - XXXX
Dear Raja PM Sir,
thanks for your reply.
can you please inform that in which account group tax paid account will be made ?
thanks for your reply.
can you please inform that in which account group tax paid account will be made ?
Further, please let me know both these entries will record as per sequence which you mentioned or only any of 1 entry will be recorded ?
| Originally posted by : My Videos | ||
 |
Further, please let me know both these entries will record as per sequence which you mentioned or only any of 1 entry will be recorded ? |  |
Are You paid Tax...???
| Originally posted by : My Videos | ||
|
Dear Raja PM Sir,thanks for your reply.can you please inform that in which account group tax paid account will be made ? | |
You can it under Revenue Authority or Short term provisions or Current Liability...
Yes, We have paid.
| Originally posted by : My Videos | ||
|
Yes, We have paid. | |
Well...
Is this entered in the books of Accounts...??
Not yet. The noted this entry separately (not in accounts) because they are confused that is why I raised query on behalf of them.
| Originally posted by : My Videos | ||
|
Not yet. The noted this entry separately (not in accounts) because they are confused that is why I raised query on behalf of them. | |
Then You can pass that two entries.
Otherwise made Single payment entry to partner's Current (capital) account and suitable Narration is enough....
Dear Raja PM Sir,
Thanks for your informative reply.
Please educate; shouldn't this amount consider as partner salary ?
Thanks for your informative reply.
Please educate; shouldn't this amount consider as partner salary ?
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