TCS receivable

This query is : Resolved 
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This discussion addresses how to account for Tax Collected at Source (TCS) when a car loan is paid off. The user is asking for the correct journal entry to credit the TCS receivable account when the bank repays the loan. The suggested solution involves debiting the vendor and crediting tax paid accounts to reflect the TCS adjustment.

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(Querist)
25 July 2023 When i bought car on loan.
Car Dr 10,000.00
TCS receivable Dr 100.00
Vendor CR 10,100.00
Then loan paid by
bank Bank CR 10,000.00
Vendor DR 10,000.00

Question is TCS receivable credit in vendor account. How to pass JV?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 July 2023 Cr. Tax paid TDS TCS Ad tax. Rs. 10000
Dr. Vendor Rs. 10000/-
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 September 2024 Good luck.
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