Journal entries
This query is : Resolved
09 September 2019
We being a company received an advance amount of Rs 800000/- (Tds: Rs 16000/- Net Amt: Rs.784000/-) from a party on 30.08.19 for rendering a service in Sep'19. However die to some unforeseen circumstances the service is not going to be rendered to the party. We intend to refund the amount to the party. We have booked TDS receivable of Rs.16000/- in our books & party has also deposited the same in govt account within the due date i.e 07.09.2019. My question is what amount is to be refunded to the party along with the requisite journal entries
09 September 2019
ask the party to revise tds return and claim the unbook challan in next tds liability. refund the whole amount to the party and reverse the previous journal enteries.
10 September 2019
Sir,
That means we have to refund Rs.800000/- to the party
That means we have to refund Rs.800000/- to the party
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