Entry for TDS on provision
This query is : Resolved
07 May 2011
Hello
What will be the accounting entry of TDS on provision.
1) Exp. Dr
TO provision for expe. (net of TDS)
To TDS payable (TDS amount)
2) Exp. Dr
Party Dr (TDS amount)
To Provision for Exp. (Exp. Provision amount)
To TDS Payable (TDS amount)
Please guide me
What will be the accounting entry of TDS on provision.
1) Exp. Dr
TO provision for expe. (net of TDS)
To TDS payable (TDS amount)
2) Exp. Dr
Party Dr (TDS amount)
To Provision for Exp. (Exp. Provision amount)
To TDS Payable (TDS amount)
Please guide me
07 May 2011
) Exp. Dr
TO provision for expe. (net of TDS)
To TDS payable (TDS amount)
TO provision for expe. (net of TDS)
To TDS payable (TDS amount)
07 May 2011
Entry will be---
Expenditure A/c Dr.....
To TDS Payable A/c...
To Party A/c.....
Expenditure A/c Dr.....
To TDS Payable A/c...
To Party A/c.....
14 July 2011
In my opinion Party account will not be credited at the time of creating provision rather than it should be credited at the time when we receive final bill from Party.
So first Entry is Correct.
So first Entry is Correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
