Payment of taxes by company
Atharv Sankliya (1356 Points)
29 December 2022
how company record the payment of taxes and in which account it is debited p&l a/c or any other??
3 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 29 December 2022
DR CURRENT TAX
CR TAX PAYBLES
AND
PURCHASES DR
GST DR
TO PAYABLES CR
AND
BANK DR
GST CR
SALES CR
OUTPUT GST-INPUT GST = GST PAYABLE IT SEEMS
UNTIL YOU DO THE ABOVE FORMULA DURING FINALISATION
"Input GST is current assets and output GST is current liabilities"
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