TDS
This query is : Resolved
25 February 2011
Please tell me the journal entry to be made at the time of recognition of income and tds deducted while receiving the income and expenditure and tds deducted at the time of making payment?
25 February 2011
tds deducted while receiving the income:
Party A/c Dr.
To Income A/c Cr.
Bank A/c Dr.
TDS Recoverable A/c Dr.
To Party A/c Cr.
tds deducted at the time of making payment:
Expenses A/c Dr.
To party A/c Cr
To TDS payable Cr.
Party A/c Dr.
To Bank A/c Cr.
Party A/c Dr.
To Income A/c Cr.
Bank A/c Dr.
TDS Recoverable A/c Dr.
To Party A/c Cr.
tds deducted at the time of making payment:
Expenses A/c Dr.
To party A/c Cr
To TDS payable Cr.
Party A/c Dr.
To Bank A/c Cr.
Message likes :
1 times
25 February 2011
at the time of booking bill
Party account Dr. 100
To Sales 100
at the time of receiving payaments
Bank account Dr. 90
TDS account Dr. 10
To Party Account 100
if u r closing ur books before receiving payament then
TDS account Dr. 10
To Party Account 10
Party account Dr. 100
To Sales 100
at the time of receiving payaments
Bank account Dr. 90
TDS account Dr. 10
To Party Account 100
if u r closing ur books before receiving payament then
TDS account Dr. 10
To Party Account 10
Message likes :
1 times
25 February 2011
for purchases
at the time of booking the bill
Expenses account Dr. 100
To party account 90
To TDS Payable account 10
for payment of TDS
TDS Payable account Dr 10
To Bank 10
For payment to party
Party account Dr. 90
To Bank account 90
at the time of booking the bill
Expenses account Dr. 100
To party account 90
To TDS Payable account 10
for payment of TDS
TDS Payable account Dr 10
To Bank 10
For payment to party
Party account Dr. 90
To Bank account 90
Message likes :
1 times
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