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Entry in tally

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This query is : Resolved

sanjay (Querist)

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

@VaibhavJ

@VaibhavJ (Expert)

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

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