Entry in tally
This query is : Resolved
11 January 2014
Sir
I want to know the entry of points as under.
1. The co. has purchased a property in joint for say Rs.55L. The TDS has to be deposited by both parties is of Rs.55000/-(1/2)each. Now by mistake, the payment has been made in full of Rs55L by the buyers to the seller before tds deduction.
The seller has made the payment of TDS @1% on our behalf.
What will the entry in the books of the purchasers?
2. The property has been purchased in joint in equal proportion and one seller in joint. Now my point is how many TDS challans cum form 26QB to be filled 1,2 or 3 No's by the purchaser?
Kindly advise and reply.
Regards
Sanjay
I want to know the entry of points as under.
1. The co. has purchased a property in joint for say Rs.55L. The TDS has to be deposited by both parties is of Rs.55000/-(1/2)each. Now by mistake, the payment has been made in full of Rs55L by the buyers to the seller before tds deduction.
The seller has made the payment of TDS @1% on our behalf.
What will the entry in the books of the purchasers?
2. The property has been purchased in joint in equal proportion and one seller in joint. Now my point is how many TDS challans cum form 26QB to be filled 1,2 or 3 No's by the purchaser?
Kindly advise and reply.
Regards
Sanjay
11 January 2014
Hi
Property A/c Dr.. 55L
.. To Buyers A/c.. 54.45 L
.. To TDS payable.. .55k
Buyer A/c Dr..... 55L
.. To Bank A/c... 55L
TDS payable A/c Dr...55k
.. To Buyer A/c......55k
Thanks
Property A/c Dr.. 55L
.. To Buyers A/c.. 54.45 L
.. To TDS payable.. .55k
Buyer A/c Dr..... 55L
.. To Bank A/c... 55L
TDS payable A/c Dr...55k
.. To Buyer A/c......55k
Thanks
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