Entry for TDS on provision
This query is : Resolved
Satish Singla
(Querist)
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
CA Navin Jain
(Expert)
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.....
Praveen Maheshwari
(Expert)
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.
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