Assess a partner of a firm in firms capital debit side to drawings Rs:50000/- to advance tax Rs:20000/- to income tax Rs:10,000/- to credit by partner remuneration Rs:100000/- by int on partner Rs:60000/- by share profit Rs:30000/-
Question:
how to accounting entries passed in tally software.
Drawings should be shown under capital account
Drawings a/c dr
to cash a/c
Advance tax should be shown under current assets.
Provision for tax a/c dr
to Income tax a/c
Advance tax a/c dr
to Bank a/c
For remuneration, interest, share of profit
(all are under capital account)
P/L Appropriation a/c dr
to Remuneration
to Interest on capital
to Share of profit
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