Accounting Entry
This query is : Resolved
01 August 2020
Every month we are paying our office rent in advance in the first week of the month itself ( i.e., for the month where the rent has to be paid in subsequent month is paid in advance) after recovering TDS and TDS is remitted in the next month before 7th.
Should I pass this journal entry :
Office Rent A/c. ......Dr.
To TDS. A/c
To Party A/c
at the time of payment and later when payment is made
Party A/c .......Dr
To Bank A/c.
Or simply this entry at the time of payment through Payment voucher.
Office Rent A/c .....Dr.
To Bank A/c
To TDS A/c
Which is correct ?
Plz clarify .
Should I pass this journal entry :
Office Rent A/c. ......Dr.
To TDS. A/c
To Party A/c
at the time of payment and later when payment is made
Party A/c .......Dr
To Bank A/c.
Or simply this entry at the time of payment through Payment voucher.
Office Rent A/c .....Dr.
To Bank A/c
To TDS A/c
Which is correct ?
Plz clarify .
01 August 2020
The first one is right.
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