I have a simple basic query for which I ask your advise to resolve
A company purchased a car of Rs. 1500000/- and the TCS of Rs. 15000/- was collected. It is getting reflected in Form 26AS. Besides, the Company also has TDS Receivable which is getting reflected in the Balance Sheet.
My questions :- 1. What will the journal entry to be passed for the TCS entry.? 2. Whether the TCS should be adjusted with TDS Receivable A/c? 3. Is TCS an asset or Liability?