Real Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2010
if i earn Rs 105/- from a bill where Rs. 5/- is TDS, how much amount should be shown in credit side of P/L a/c ( Rs. 105/- or Rs. 100/-?
What will be the actual accounting entry ?
What will be the actual accounting entry ?
28 June 2010
Rs.105 will be shown in credit side of P/L A/c.
Entry:
Party A/c......Dr.105
To Income A/c......Rs.105
Bank/Cash A/c Dr. 100
TDS Receivable A/c Dr. 5
To party A/c 105
Entry:
Party A/c......Dr.105
To Income A/c......Rs.105
Bank/Cash A/c Dr. 100
TDS Receivable A/c Dr. 5
To party A/c 105
Aditya Maheshwari
(Expert)
28 June 2010
Gross income to be booked, cash / bank credited and balance trfd to TDS a/c
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