Rent adjustment on commission
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2014
My friend has opened an exclusive branded showroom of a particular brand product.
The rent for the said showroom is being paid by the Brand Company and the rent is adjusted on his backend commission payouts receivable. My query is how to deduct TDS on rent and how to account the said rental adjustment in books
The rent for the said showroom is being paid by the Brand Company and the rent is adjusted on his backend commission payouts receivable. My query is how to deduct TDS on rent and how to account the said rental adjustment in books
19 March 2014
1. The rent will become due every month (depending on the rent agreement at the beginning of each month or at the end of each month)
Rent A/c Dr
To TDS Payable
To Party A/c
2. Also commission will become due every month
Party A/c Dr
TDS Receivable A/c Dr
To Commission
Rent has been credited to the party and commission has been debited. The two are automatically settled. The balance will be payable/receivable.
Rent A/c Dr
To TDS Payable
To Party A/c
2. Also commission will become due every month
Party A/c Dr
TDS Receivable A/c Dr
To Commission
Rent has been credited to the party and commission has been debited. The two are automatically settled. The balance will be payable/receivable.
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