Accounting JV in Tally
This query is : Resolved
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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....
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.
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