Entry in tds
This query is : Resolved
12 May 2014
Dear Sir
We have recd a bill including service tax .For Example We have recd the bill to A ltd Basic Amount 100000
Add: ST 12000
Total 112000
We have deducted the Tds 2% in 100000, what is the journal entry to pass in books
We have recd a bill including service tax .For Example We have recd the bill to A ltd Basic Amount 100000
Add: ST 12000
Total 112000
We have deducted the Tds 2% in 100000, what is the journal entry to pass in books
12 May 2014
Expense A/c Dr Rs 100000
Service Tax input credit A/c Dr Rs 12000
To TDS Payable A/c Rs 2000
To Bank A/c Rs 110000
Service Tax input credit A/c Dr Rs 12000
To TDS Payable A/c Rs 2000
To Bank A/c Rs 110000
21 May 2014
But sir, we have not paid the amount to till date , how does show the entry in jounrnel
21 May 2014
If the amount is yet to be paid then instead of Bank party account will be credited.
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