03-09-2011, 03:58 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by azmatas</i>
<br />please help! I'm looking for the simple double entry with the relevant tax implications. Thanks
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Entry should be
Long Term Loan xxx
Other Income xxx
(Debit Long Term Loan and credit other income)
IN this way long term loan will be reduced and other income will be recorded. and at the end of your tax year you have to work for your tax liability
<br />please help! I'm looking for the simple double entry with the relevant tax implications. Thanks
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Entry should be
Long Term Loan xxx
Other Income xxx
(Debit Long Term Loan and credit other income)
IN this way long term loan will be reduced and other income will be recorded. and at the end of your tax year you have to work for your tax liability
