Ranvijay Rajbhar (Accountant) (61 Points)
27 January 2014Dear Friends,
waht will be the accounting entries in the following case;
a director receive salary from his own company . PF, PT & TDS is deducted and paid by company only.
what journal entry to be passed in TALLY SOFTWARE for salary , in the books of Director if separate books of accounts are maintained by director??
pls suggest
Regards,
Ranvijay ( 9821872270)
NOUFAL
(ACCOUNTANT)
(762 Points)
Replied 27 January 2014
Managment Remunaration A.c Dr
to PF account Collected (current liability under)
to TDS collected (current liability as under)
to Cash/ Bank A.c
Mihir Manohar
(CA Final - Article Assistant)
(474 Points)
Replied 27 January 2014
Dear Ranvijay,
Journal entry in the books of Director:
Bank a/c Dr
Provident fund a/c Dr
Professional Tax a/c Dr
TDS (Tax already paid) a/c Dr
To Salary a/c
(Being the entry passed for receiving salary, provident fund will be treated as an asset, professional tax will be deductible under section 16, & TDS already paid will be adjusted against the self-assessement tax.)
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D VARA PRASADA RAO
(Student (Articles Completed))
(173 Points)
Replied 28 January 2014
100% Agree with Mr. Mihir Manohar
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