Retention money
This query is : Resolved
07 August 2015
DEAR SIRS WE ARE A CONTRACTOR COMPANY DOING CONSTRUCTION WORK.WE ARE RAISING RUNNING BILLS & CUSTOMER IS DEDUCTING WCT, TDS & RETENTION 5 % FROM THIS. SIR IN WANT TO KNOW THAT IF RETENTION MONEY IS PART OF INCOME. AND HOW TO PASS ENTRY FOR THIS. AS THIS MONEY WILL RECEIVE TO US AFTER A CERTAIN PERIOD.
07 August 2015
Sundry debtors retention money Dr
To income Cr.
To income Cr.
07 August 2015
SIR A BILL IS PASSED FOR 4433376
I HAVE MADE ENTRY
DEBITOR A/C DR 4433376
SALES A/C CR 4304249
WCT TAX CR 129127
I HAVE MADE ENTRY
DEBITOR A/C DR 4433376
SALES A/C CR 4304249
WCT TAX CR 129127
07 August 2015
SIR A BILL IS PASSED FOR 4433376
I HAVE MADE ENTRY
DEBITOR A/C DR 4433376
SALES A/C CR 4304249
WCT TAX CR 129127
then another entry
retention a/c dr 221669
debitors a/c cr 221669
in this methods this retention money is taken as income but we do not want to take this as income
i have create the retention money a/c in curretnt assest
kindly help
I HAVE MADE ENTRY
DEBITOR A/C DR 4433376
SALES A/C CR 4304249
WCT TAX CR 129127
then another entry
retention a/c dr 221669
debitors a/c cr 221669
in this methods this retention money is taken as income but we do not want to take this as income
i have create the retention money a/c in curretnt assest
kindly help
07 August 2015
Entry is OK keep the retention amount in debtors ac till it is paid.
07 August 2015
You can keep retention amount in separate account but you should take it as income.
07 August 2015
DEAR SIR THANKS FOR THE GUIDANCE. IF I DNT WANT TO TAKE IS AT INCOME THEN I SHOULD PASS A ENTRY BY
SALES A/C CR
RETENTION MONEY DR
SALES A/C CR
RETENTION MONEY DR
07 August 2015
The entry is Sales ac Dr
to Retention money ac Cr.
to Retention money ac Cr.
08 August 2015
THANKS SIR .IF SALES A/C DOES NOT MATCH WITH THE TDS DEDUCTED AS IN 26 AS , IT WILL BE A CASE OF SCRUITANY. KINDLY GUIDE
08 August 2015
Then treat retention money as income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
