Provision for Expenses
This query is : Resolved
04 May 2008
Sir,
I have receive the Professional bill for the month of March in April Dated April what entry should be passed in the books of accounts and Also i want to know when should i deduct the tds in the month of march or in the month of april 08
I have receive the Professional bill for the month of March in April Dated April what entry should be passed in the books of accounts and Also i want to know when should i deduct the tds in the month of march or in the month of april 08
05 May 2008
if you are received bill in april then you will pass jv on 31/03/2008 & you will pay tds before 31/05/2008 so it will allowed in the f y year 2007-08
if you want to paid in the year 2008-09 then you will pay tds before 07/05/2008
if you want to paid in the year 2008-09 then you will pay tds before 07/05/2008
05 May 2008
TDS should be deducted on accural basis even though its a provision.
There is another altenative where -in you accumilate the TDS amount and at the year ended pay full TDS amount along with interest.
However, the first method makes more sense.
Entry:-
Vendor a/c Dr...
To TDS payable a/c.
There is another altenative where -in you accumilate the TDS amount and at the year ended pay full TDS amount along with interest.
However, the first method makes more sense.
Entry:-
Vendor a/c Dr...
To TDS payable a/c.
05 May 2008
31/03
Dr. Expense
Cr. TDS Amount
Cr. Outstanding Liabity
Before 31st May
TDS Dr.
Cr. Bank A/c.
when payment to party
Outstanding Liability Dr/
Cr. Bank
Dr. Expense
Cr. TDS Amount
Cr. Outstanding Liabity
Before 31st May
TDS Dr.
Cr. Bank A/c.
when payment to party
Outstanding Liability Dr/
Cr. Bank
05 May 2008
Entry is
Expense Dr
TDS Dr
O/s Liability Cr
The above entry would be passed in the month of March
Expense Dr
TDS Dr
O/s Liability Cr
The above entry would be passed in the month of March
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