Tds deducted by our vendor
This query is : Resolved
Gurvinder Singh
(Querist)
20 October 2014
Kind Attn :Dear Sir/Mam
Pls adv:
Our Vendor has deducted TDS on us. Details as follows:
Amt to be paid to vendor.......
less Commission given to us by vendor........
TDS Deducted by vendor.........
Total Payable by us to vendor..........
Kindly explain the Dr and Cr entries.
Thanks
Gurvinder Singh
Pls adv:
Our Vendor has deducted TDS on us. Details as follows:
Amt to be paid to vendor.......
less Commission given to us by vendor........
TDS Deducted by vendor.........
Total Payable by us to vendor..........
Kindly explain the Dr and Cr entries.
Thanks
Gurvinder Singh
20 October 2014
Lets say amount payable to vendor is Rs.10,000 and our commission is 10% on it.
Expense (mention a/c head) A/c. Dr. 10000
To vendor a/c. Cr.10000
Vendor a/c. Dr.900
TDS receivable Dr.100
To commission income a/c Cr.1000
Payment to be made to the vendor will be Rs.9100 (i..e. 10000-900)
Entry
Vendor a/c. Dr/9100
To bank a/c. Cr.9100
Thanks.
Expense (mention a/c head) A/c. Dr. 10000
To vendor a/c. Cr.10000
Vendor a/c. Dr.900
TDS receivable Dr.100
To commission income a/c Cr.1000
Payment to be made to the vendor will be Rs.9100 (i..e. 10000-900)
Entry
Vendor a/c. Dr/9100
To bank a/c. Cr.9100
Thanks.
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