is the entry right
This query is : Resolved
Pankaj Sharma
(Querist)
19 April 2008
if the financial year closed 2007-08 and bill received for the month of March-08 as on 08.04.2008. bill of courier.
in such case the entry is
postage & courior A/c Dr
To expenses payable
To TDS on contractor
entry for next year
expenses payable a/c dr.
To XYZ
is it right.
in such case the entry is
postage & courior A/c Dr
To expenses payable
To TDS on contractor
entry for next year
expenses payable a/c dr.
To XYZ
is it right.
19 April 2008
WRONG DEAR,
In 2007-08:
Postage & Courier a/c DR.
To Expenses payable/outstanding expenses/provision fro expenses.
In year 2008-09:
Expenses Payable/outstanding expenses/provision fro expenses a/c Dr.
To XYZ
To TDS
But you have paid before above credit entry then you have to deduct tds that time only and not as above..
In 2007-08:
Postage & Courier a/c DR.
To Expenses payable/outstanding expenses/provision fro expenses.
In year 2008-09:
Expenses Payable/outstanding expenses/provision fro expenses a/c Dr.
To XYZ
To TDS
But you have paid before above credit entry then you have to deduct tds that time only and not as above..
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