DIRECT DEPOSIT CASH IN BANK FROM OTHER PARTY
This query is : Resolved
16 August 2010
PARTY DIRECT DEPOSIT CASH IN BANK UNDER CORE BANKING
I DO ENTRY
BANK A/C DR.
TO PARTY A/C
I AM RIGHT AS PER ACCOUNTING STANDARD BECAUSE I DONT HAVE PHYSICAL CASH
PLEASE SUGGEST ME I AM RIGHT AS PER ACCOUNTING STATNDARDS AND INCOME TAX ACT
I DO ENTRY
BANK A/C DR.
TO PARTY A/C
I AM RIGHT AS PER ACCOUNTING STANDARD BECAUSE I DONT HAVE PHYSICAL CASH
PLEASE SUGGEST ME I AM RIGHT AS PER ACCOUNTING STATNDARDS AND INCOME TAX ACT
16 August 2010
You are right..
Its simple,
Debit... what comes in (Bank bal)
Credit... the payer
its also a merger of 2 entries
Cash Dr.
To Party
&
Bank Dr.
To Cash
Its simple,
Debit... what comes in (Bank bal)
Credit... the payer
its also a merger of 2 entries
Cash Dr.
To Party
&
Bank Dr.
To Cash
17 August 2010
the accounting entry has nothing to do with income tax.
....only if the party has deposited the amount net of TDS i.e. after deducting TDS then the entry will be,
Bank... Dr.
TDS Receivable... Dr.
To Party
....only if the party has deposited the amount net of TDS i.e. after deducting TDS then the entry will be,
Bank... Dr.
TDS Receivable... Dr.
To Party
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