Tds cheque
This query is : Resolved
11 June 2013
Sir,
We receive payments of warehousing of TEA from principal Auction brokers,in turn they deduct service charges from our bills, for processing our payment on behalf of Garden owners.As we are supposed to deduct TDS on this deductions,we pay TDS in march'2013 for the entire Year and amount of service charges so deducted,and deposit in bank.On receiving challans we ask them for reimbursement of deposited amount which they pay subsequently.
This year one of the brokers insists on issuing cheque in my personal name instead of Company's name,as mine is a proprietorship concern.
Can i accept this cheque ? and if yes how do i adjust in my company account ?
Please advise how to move about in this case.
regards,
ashok thakker
We receive payments of warehousing of TEA from principal Auction brokers,in turn they deduct service charges from our bills, for processing our payment on behalf of Garden owners.As we are supposed to deduct TDS on this deductions,we pay TDS in march'2013 for the entire Year and amount of service charges so deducted,and deposit in bank.On receiving challans we ask them for reimbursement of deposited amount which they pay subsequently.
This year one of the brokers insists on issuing cheque in my personal name instead of Company's name,as mine is a proprietorship concern.
Can i accept this cheque ? and if yes how do i adjust in my company account ?
Please advise how to move about in this case.
regards,
ashok thakker
12 June 2013
Yes if yours is a proprietory Concern then you can accept the amount in personal Name
the same can be adjusted but there are two case
1. if your personal A/c is in Your Business books then the same can be adjusted as
Personal A/c.........Dr
To party/Broker A/c
2. if your personal A/c is not in your Business Books then adjusted as follows
for payment received no entry in business books
but a JV will be passed as follows
Proprietor A/c........Dr
To Party/Broker A/c
the same can be adjusted but there are two case
1. if your personal A/c is in Your Business books then the same can be adjusted as
Personal A/c.........Dr
To party/Broker A/c
2. if your personal A/c is not in your Business Books then adjusted as follows
for payment received no entry in business books
but a JV will be passed as follows
Proprietor A/c........Dr
To Party/Broker A/c
12 June 2013
Thanks a lot Mr Sethia...
regards,
ashok thakker
regards,
ashok thakker
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