we are paying every month rent deducting 10% TDS rent is Rs.40000/- TDS is Rs.4000/- and payment Rs.36000/- pm as rent where to show this TDS amount in Profit and loss a./c are in balance sheet.
i am confuse of
profit and loss a/c debit side Balance Sheet liabilities side
29 May 2017
Journal Entry for your transaction will be:
Rent A/c Dr 40000
To Party A/c 36000
To TDS Payable A/c 4000
Hence full rent will go to profit and loss account and TDS payable if any o/s on balance sheet date will be shown on liability side.
Hope this solves your query.
29 May 2017
Entry for this is
Rent A/c
To TDS Payable
To Bank
TDS Payable
To Bank
Second entry passed on payment of TDS
Rent will go to P&L. Any Balance in TDS a/c(Deduct but not deposit) is shown in Liability Side of Balance Sheet.
29 May 2017
TDS deducted and payment made through online and received form 16, where that form 16 amount to be put, means in balance sheet or profit and loss a/c
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