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RITESH YADAV (Querist)
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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.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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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

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