One of my Client has received Sales Tax Refund of FY 2013-14
The have made the entry as Sales tax refund recd a/c dr
To Bank A/c
What should be the correct entry?Whether it is taxable?
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 01 March 2019
it should be Bank AC Dr
to Sales Tax Refund Receivable Account
Since money is received in bank so bank shud be debited and not credited
to Sales Tax Refund Receivable Account
Since money is received in bank so bank shud be debited and not credited
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