Expense
This query is : Resolved
17 January 2013
Dear Sir
Please guide me regarding Accounting treatment of Exp. If 15000 paid towards Water Chartges then in what head the entry be treated ?
Please guide me regarding Accounting treatment of Exp. If 15000 paid towards Water Chartges then in what head the entry be treated ?
17 January 2013
You should debit it in PL Account and treat it as an expense simply.
17 January 2013
Water Expenses Dr 15000
TDS on Contract Cr 1500
Creditor Cr 13500
TDS on Contract Cr 1500
Creditor Cr 13500
17 January 2013
water chareges Dr. 15000
To creditors 15000
It is assumed that it is only payment. So no TDS required. But if there is more payments and TDS liability occures then
water cahrges Dr. 15000
To TDS on contractor 300
To creditor 14700
I assumed he is not individual so 2% TDS taken.
To creditors 15000
It is assumed that it is only payment. So no TDS required. But if there is more payments and TDS liability occures then
water cahrges Dr. 15000
To TDS on contractor 300
To creditor 14700
I assumed he is not individual so 2% TDS taken.
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