Journal entry
This query is : Resolved
09 August 2014
dear all
I made advance payment to contractor fo which I pass following entry
advance dr 500000
to bank 490000
to tds 10000
tds dr 10000
to bank. 10000
at the tym of final payment I made following entry
abc ltd dr 1256000
to advance 500000
to bank 732000
to tds 24000
now wat is the nxt entry for tds as tds debited wid 24000 bt wat I credited as I deposited 10000 already in last year.
09 August 2014
Dear Ritesh,
Entries will be as under (assuming applicable rate of TDS is 2%)
When Rs.5 lacs paid advance,
ABC ltd. Dr.5,00,000
To bank Cr.4,90,000
To TDS payable Cr. 10,000
When TDS is deposited with govt.
TDS payable Dr. 10,000
To bank Cr.10,000
(on depositing TDS, there will be zero balance in TDS payable account)
On making final payment,
ABC Ltd. Dr.7,56,000
To bank Cr.7,40,880
To TDS payable Cr. 15,120
On depositing TDS with govt.
TDS payable Dr.15,120
To bank Cr.15,120
Regards,
Devanand
Entries will be as under (assuming applicable rate of TDS is 2%)
When Rs.5 lacs paid advance,
ABC ltd. Dr.5,00,000
To bank Cr.4,90,000
To TDS payable Cr. 10,000
When TDS is deposited with govt.
TDS payable Dr. 10,000
To bank Cr.10,000
(on depositing TDS, there will be zero balance in TDS payable account)
On making final payment,
ABC Ltd. Dr.7,56,000
To bank Cr.7,40,880
To TDS payable Cr. 15,120
On depositing TDS with govt.
TDS payable Dr.15,120
To bank Cr.15,120
Regards,
Devanand
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