Balance sheet
This query is : Resolved
sankar ponnan
(Querist)
16 December 2020
Sir
At the end of year, the balance sheet shows,
TDS Payable - Rs.400000/-
TDS Receivable - Rs.600000/-
How to close the above TDS account and carry forward it to the next year
Plz clear my doubt
thanks in adv
At the end of year, the balance sheet shows,
TDS Payable - Rs.400000/-
TDS Receivable - Rs.600000/-
How to close the above TDS account and carry forward it to the next year
Plz clear my doubt
thanks in adv
Harshit Bangar
(Expert)
17 December 2020
TDS PAYABLE IS ADJUSTED BY PAYING TDS IN CASH OR BANK.
TDS RECEIVABLE IS ADJUSTED WHEN RECEIVED TDS REFUND GRANTED FROM GOVERNMENT .
AND THERE IS NOTHING ADJUSTMENT IN BOTH ENTRIES BOTH ENTRIES ARE DIFFERENT IN NATURE.
PLEASE FEEL FREE TO ASK ANY FURTHER QUERY.
TDS RECEIVABLE IS ADJUSTED WHEN RECEIVED TDS REFUND GRANTED FROM GOVERNMENT .
AND THERE IS NOTHING ADJUSTMENT IN BOTH ENTRIES BOTH ENTRIES ARE DIFFERENT IN NATURE.
PLEASE FEEL FREE TO ASK ANY FURTHER QUERY.
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