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(Querist)
06 March 2014 I rent a premisis in a corporate business house. Please let me know if the a/c entries are correct

1) Rent (indirect expenses)
To rent payable
To tds 10% payable
To tds 2% payable

2) Rent pabyable
To bank

3) Tds 10% payable
TDS 2% payable
To bank

If the above entries are correct, the Rent account (under indirect expenses) will show a debit balance. Will this cause any problem?

Kinldy clarify
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Ganeshbabu K

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Ganeshbabu K (Expert)
06 March 2014 If rent is expence for you
.
It will show debit balance only
.
.
Income accounts show credit balance
.
.
Entry is fine
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Sandeep Dharar

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Sandeep Dharar (Expert)
06 March 2014 Ur entry is correct go with it.
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