Hi friends,
How do we pass entries in the books of the company , the audit findings?
for example,
suppose auditors found out that we have understated a sale of US$ 50,000.00 and charged us a tax of US$ 10,000.00 and penalty & interest US$ 2,000.00.
So we have a total tax liability of US$ 12,000.00.
We paid the tax and penalty in time.
Please help me to post these transactions in the books.
Can I bring the above said money ie US$ 50,000.00 into business on the date of payment of tax or after that date since it is a tax paid money (white money)
Please help me
How do we pass entries in the books of the company , the audit findings?
for example,
suppose auditors found out that we have understated a sale of US$ 50,000.00 and charged us a tax of US$ 10,000.00 and penalty & interest US$ 2,000.00.
So we have a total tax liability of US$ 12,000.00.
We paid the tax and penalty in time.
Please help me to post these transactions in the books.
Can I bring the above said money ie US$ 50,000.00 into business on the date of payment of tax or after that date since it is a tax paid money (white money)
Please help me