Ledger account for tds deducted by parties
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2012
Sir,
If I receive a amount of Rs.50,000/- the party deducted TDS of Rs.5,000/-, in my account which ledger acount in under what group is to be created?
Thanks
If I receive a amount of Rs.50,000/- the party deducted TDS of Rs.5,000/-, in my account which ledger acount in under what group is to be created?
Thanks
28 July 2012
Account name is TDS RECEIVABLE and the group is current Assets.
Entry is
Bank/cash a/c dr 45000
TDS Receivable a/c dr 5000
To Income a/c 50000
(Being particular income is received and TDS deucted)
Here Particular Income/Income means for which purpose you received the fee such as proffessional fee/service fee etc... what may be.
OM SAI SRI SAI JAI JAI SAI
Entry is
Bank/cash a/c dr 45000
TDS Receivable a/c dr 5000
To Income a/c 50000
(Being particular income is received and TDS deucted)
Here Particular Income/Income means for which purpose you received the fee such as proffessional fee/service fee etc... what may be.
OM SAI SRI SAI JAI JAI SAI
28 July 2012
for what purpose you recieved amount?
if Any services -
TDS Rble under head of current asset
so j v
Bank/Cash A/c Dr 45000
TDS R'ble Dr 5000
To Profeesional Income(concernedA/c 50000
(under head - Direct/indirect Income)
if Any services -
TDS Rble under head of current asset
so j v
Bank/Cash A/c Dr 45000
TDS R'ble Dr 5000
To Profeesional Income(concernedA/c 50000
(under head - Direct/indirect Income)
18 June 2019
Income credit - 50000
Bank Debit - 45000
Tax deducted at source - 5000
Create the ledger under loans & Advances (Current Assets)
Bank Debit - 45000
Tax deducted at source - 5000
Create the ledger under loans & Advances (Current Assets)
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