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Job work related

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29 July 2012 Dear all..please help me on following these 3 topics:

1. What is the journal entry to be passed in books in case of JOB work done by other party and issues invoice on us??

2. Four invoices issued by Mr. Talreja to us on A/c of Job Work they have done having total of amt. Rs. 450000 and till now we as a co. has paid Rs. 390000 as lump sum to them and Accountant forgot to deduct TDS, now, Is there any remedy as we hv not deducted TDS and also not yet paid the amt. to the party in full..??

3. In 3rd case we have deducted TDS while making payment of somebody and the same TDS has been deposited to govt. but after due date (After 7th of next month). so my question is can we dr. the amt. of interest we have paid to govt. in our books of Accounts??
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 July 2012 Debit job work charges and credit party a/c (Talreja) Pay the interest on default. Advisable to debit the interest to drawings account.You need to accept your mistake.
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