SALE UNCERTIFIED
This query is : Resolved
21 August 2010
MY COMPANY IS A CONTRACTOR IN IOCL. I WANT TO KNOW THAT IF THE THE CONTRACEE DEDUCTED TDS ON UNCERTIFIED BILL ON 31.03.2010.
HOW I WILL DO THE ENTRY IN BOOKS OF UNCERTIFIED AMOUNT. IF I SHOW THIS AMOUNT AS SALE THEN THE REVENUE EXCEED. PLEASE GUIDE ME WHAT WILL BE THE ACCOUNTING TREATMENT OF UNCERTIFIED AMOUNT OF WORK AS ON 31.03.2010.
FURTHER GUIDE ME IF NEXT YEAR THE BILL IS CERTIFIED THEN WHAT WILL BE THE ENTRY.
HOW I WILL DO THE ENTRY IN BOOKS OF UNCERTIFIED AMOUNT. IF I SHOW THIS AMOUNT AS SALE THEN THE REVENUE EXCEED. PLEASE GUIDE ME WHAT WILL BE THE ACCOUNTING TREATMENT OF UNCERTIFIED AMOUNT OF WORK AS ON 31.03.2010.
FURTHER GUIDE ME IF NEXT YEAR THE BILL IS CERTIFIED THEN WHAT WILL BE THE ENTRY.
21 August 2010
Un certified bills cannot be recognaised in the books, so there is no TDS applicable on this.
If the contractee is giving the amount on uncertifed bill with deduction of TDS need to be consider as advance in customer account the treatment will be based on advance received
If the contractee is giving the amount on uncertifed bill with deduction of TDS need to be consider as advance in customer account the treatment will be based on advance received
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