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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2012 If the TDS Dedu. from Maharashtra Ele. Corpn. for Int rec. on Deposit. How to pass the same entry in books of a/c & TDS Rec. a/c ledger will show under which Group of a/c

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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21 September 2012 In case interest receivable is due then the entry is
Maharashtra Ele.corpn a/c dr
TDS receivable a/c dr
To Interest a/c
(Being Interest on electricity deposit allowed by the Maharashtra ele.corpn and amount is receivable after deduction of TDS)

In case interest amount after deduction of TDS received through cheque/cash then replace the Maharashtra Ele.coprn a/c with Bank/cash account in the above entry and the narration change as interest amount received from Maharashtra ele.coprn after deduction TDS

In case interest amount after deductionn of TDS adjusted in you electricity bill then replace the Maharashtra ele.coprn a/c with Electricity charges a/c and change the narration as interest on electricity deposit allowed by the Maharashtra ele.coprn is adjusted in the electricity charges for the month after deduction of the TDS.

Mahrashtra ele.coprn a/c grouped under sundry debtors
TDS receivable a/c grouped under Other current assets
Electricity charges grouped under indirect expenditures.

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