Accounting entry
This query is : Resolved
09 January 2016
We hava paid advance Rs.490000(500000-2% tds deduction)after we received final bill has been Rs.618242.how pass tall entry in systems
Advance amount Rs.500000.00
Less tds2% 10000.00
---------------
490000.00-Date 01.12.2015
Final bill received date 04.01.2016 please explain
----------------------------------------------
Advance amount Rs.500000.00
Less tds2% 10000.00
---------------
490000.00-Date 01.12.2015
Final bill received date 04.01.2016 please explain
----------------------------------------------
11 January 2016
On payment of advance amount.
Dr.Advance paid to supplier a/c 5,00,000
Cr.TDS 194C co./Non.co. a/c 10.000
Cr.Bank a/c 4,90,000
After receiving final bill
Dr.Expence 6,18,242
Cr.TDS 194C co./Non.co. a/c 2,365
Cr.To advance paid to supplier a/c 5,00,000
Cr. To supplier a/c 1,15,877
On payment to supplier
Dr.Supplier a/c 1,15,877
Cr.Bank 1,15,877
Dr.Advance paid to supplier a/c 5,00,000
Cr.TDS 194C co./Non.co. a/c 10.000
Cr.Bank a/c 4,90,000
After receiving final bill
Dr.Expence 6,18,242
Cr.TDS 194C co./Non.co. a/c 2,365
Cr.To advance paid to supplier a/c 5,00,000
Cr. To supplier a/c 1,15,877
On payment to supplier
Dr.Supplier a/c 1,15,877
Cr.Bank 1,15,877
11 January 2016
Thanks you sir.Very useful for me
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