Dear Sir
I have paid Rs. 5670 in self assessment tax. but in books of account I have made provision of income tax Rs. 4400 please suggest how to adjust Rs.1270 in books of account.
4 Replies
Kapadia Pravin
(17259 Points)
Replied 26 September 2019
Yes you can debit capital account in case you are a proprietory concern or amongst partners in their ratio.
Provision for ITax Dr 4400/-
To Advance Income Tax A/c 4400/-
Capital A/c Dr. 1270/-
To Bank A/c 1270/-
Provision for ITax Dr 4400/-
To Advance Income Tax A/c 4400/-
Capital A/c Dr. 1270/-
To Bank A/c 1270/-
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