Accounting JV in Tally

This query is : Resolved

Santosh (Querist)
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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....

Santosh

Santosh (Querist)
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04 November 2020 Pls help me on this...

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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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.

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