Accounting JV in Tally
This query is : Resolved
04 November 2020
Hi,
Can anybody help me on the below:
We have supplied material to customer for rs 103530.00 (98600+4930 GST)and bill has been raised for the same. Whereas the customer has transfered rs 99388.00 after deducting TDS and also GST @2% (i,e 2071.00 TDS & 2071.00 GST). pls help me how to account this in Tally. Also how it should be corrected in GST.
Please suggest me for this....
Can anybody help me on the below:
We have supplied material to customer for rs 103530.00 (98600+4930 GST)and bill has been raised for the same. Whereas the customer has transfered rs 99388.00 after deducting TDS and also GST @2% (i,e 2071.00 TDS & 2071.00 GST). pls help me how to account this in Tally. Also how it should be corrected in GST.
Please suggest me for this....
06 July 2024
Accounting Entry in Tally
Assuming the transaction involves sales of goods and TDS deduction:
1. Create Ledger Accounts (if not already created):
• Create a Sales Ledger for the sales amount (e.g., Sales - Goods).
• Create a TDS Ledger for TDS deducted by the customer (e.g., TDS Receivable).
• Create a GST Ledger for the GST amount (e.g., GST Receivable).
2. Accounting Entry:
• Debit: Customer Account (Receivable) - ₹99,388.00
• Credit: Sales - Goods Account - ₹98,600.00 (for net sales amount)
• Credit: TDS Receivable Account - ₹2,071.00 (for TDS deducted)
• Credit: GST Receivable Account - ₹2,071.00 (for GST deducted)
This entry records the gross amount received from the customer and separates out the TDS and GST components.
Assuming the transaction involves sales of goods and TDS deduction:
1. Create Ledger Accounts (if not already created):
• Create a Sales Ledger for the sales amount (e.g., Sales - Goods).
• Create a TDS Ledger for TDS deducted by the customer (e.g., TDS Receivable).
• Create a GST Ledger for the GST amount (e.g., GST Receivable).
2. Accounting Entry:
• Debit: Customer Account (Receivable) - ₹99,388.00
• Credit: Sales - Goods Account - ₹98,600.00 (for net sales amount)
• Credit: TDS Receivable Account - ₹2,071.00 (for TDS deducted)
• Credit: GST Receivable Account - ₹2,071.00 (for GST deducted)
This entry records the gross amount received from the customer and separates out the TDS and GST components.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- GST ON DAMAGED GOODS
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
