plz correct my entries

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This query is : Resolved

irfan (Querist)

02 January 2011 i have paid rent on 05.12.10 through ICICI Bank

the amounts is 240000-(tds10%) 24000
so amount paid is 216000
rent paid for the month from december 2010 to november 2011 i.e full 1 year

now how to pass the following entries
entries should pass according to financial yaer 2010 -2011
i am making the entries
plz check if it is correct or not

05.12.10payment entry
rent exps Dr. 72000
prepaid rent(inadvance) Dr 144000
icici bank cr. 216000
(being rent paid to xyz party for the period from dec2010 to november 2011)

05.12.10J/V Entry
XYZ( Party) Dr.24000
Tds on rent Cr.8000
Tds in advance Cr.16000
(being tds deducted on rent)

payment of tds on proper date
07.01.2011
Tds on rent Dr.24000
By ICICI Bank Cr. 24000
( being tds paid into bank)

plz sir check this entries and plz let me know that this entre is is correct or not

best regards
momin irfan
accountant
juniorlevel

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

03 January 2011 Correct entries are :

05.12.10 payment entry

Rent exps Dr. 80000
Prepaid Rent Dr 160000

To Icici bank 216000
To TDS Payable 24000

(being rent paid to xyz party for the period from dec2010 to november 2011)

On payment of tds on proper date
07.01.2011

Tds Payable Dr.24000

To ICICI Bank Cr. 24000
( being tds paid into bank)

Ugra Sen Singh

Ugra Sen Singh (Expert)

03 January 2011 Correct

05-12-2010
Rent A/c Dr (Indirect Exp)80000
Prepaid Rent A/c Dr (C A)160000
Tds payble (CL) Cr 24000
ICICI Bank Cr 216000

On Dated 07-01-2011
Tds Payble Ac/ Dr 24000
ICICI Bank 24000 cr

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