March closing entry

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Officer
41 Points Joined April 2018
During the year jitni bhi fine or interest ki entry hai jo ki tax k late payment ki vajah se hui ho uski closing entry kya hogi.
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On 05 May 2019 at 19:31 Report
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Team Lead
7558 Points Joined November 2011
transfer it profit and loss account
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On 05 May 2019 at 19:53
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Officer
41 Points Joined April 2018
Sir ek video me ye bataya gaya tha ki Capital account main transfer karna padega
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On 05 May 2019 at 20:21
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Team Lead
7558 Points Joined November 2011
as per accounting principle all expenses shud be routed through profit and loss except drawings.
while computing taxable income all fines interest and penalty are disallowed if debited to profit and loss.
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On 05 May 2019 at 20:29


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