Thank you.
sandhya brahmanapally
(4 Points)
Replied 28 March 2019
Puneet Taneja
(Finance Professional)
(1149 Points)
Replied 01 September 2020
For Expenses Due,
Expenses A/c ......Dr
To Expenses Payable a/c
To TDS Payable a/c
For Payment of Expenses:
Expenses Payable ......Dr
To Bank a/c
For Payment to TDS:
Tds Payable A/c ........ Dr
To bank a/c
Hope this answers your question.
shahyar husain
(1235 Points)
Replied 10 November 2020
Ayushi Arora
(298 Points)
Replied 15 February 2021
In the second part of this post, we are discussing accounting entries relating to the receipt of income & deduction TDS on it by the other party.
We are going to understand the entries with the help of example:
Following entry is passed:
Person A/c. Dr. 90000
TDS Receivable A/c. 10000
To Interest Income A/c. 100000
When we are receiving the interest income then following below mentioned entry is passed. After passing the entry the Party account becomes NIL.
Bank A/c. Dr. 90000
To the person A/c. 90000
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