Journal entry
This query is : Resolved
RITESH YADAV
(Querist)
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
