Creditor entries on 31 march
This query is : Resolved
17 June 2014
1) Please help for audit fees entries on 31 march i have to pay 200000 in april but service in march, what is provision entry for that with tds entries
17 June 2014
on 31st March
1)Expenses A/c Dr Rs 15000
To Provision for Expenses A/c Rs 15000
In April
Provision for Expenses A/c Dr Rs 15000
To Bank A/c Rs 15000
In case TDS is applicable same has to be deducted at the time of provision. Above entries are assuming TDS not applicable for said payment.
1)Expenses A/c Dr Rs 15000
To Provision for Expenses A/c Rs 15000
In April
Provision for Expenses A/c Dr Rs 15000
To Bank A/c Rs 15000
In case TDS is applicable same has to be deducted at the time of provision. Above entries are assuming TDS not applicable for said payment.
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