Tds receivable entry
This query is : Resolved
20 September 2014
hello,
what is the entry of tds receivable when I am following cash accounting system although income is not yet received only accrued??
what is the entry of tds receivable when I am following cash accounting system although income is not yet received only accrued??
20 September 2014
CASH BASIS
Revenues are recorded when they are received, which may be before or after they are earned.
Expenses are recorded when they are paid, which may be before or after they are incurred.
Financial statements reflect revenues and expenses based on when transactions were entered rather than when revenues were earned or expenses incurred.
No receivables are recorded.
No payables are recorded.
No method of tracking partial payments is available.
ACCRUAL BASIS
Revenues are recorded when they are earned, which may be before or after they are received.
Expenses are recorded when they are incurred, which may be before or after they are paid.
Financial statements match revenues to the expenses incurred in earning them, and more accurately reflect the results of operations.
A receivable is recorded when payment is not received at the point of sale.
Payables are recorded when payment is not made at the time of purchase.
Revenues and expenses are recorded in full, even though partial payments may be made over extended time periods.
Revenues are recorded when they are received, which may be before or after they are earned.
Expenses are recorded when they are paid, which may be before or after they are incurred.
Financial statements reflect revenues and expenses based on when transactions were entered rather than when revenues were earned or expenses incurred.
No receivables are recorded.
No payables are recorded.
No method of tracking partial payments is available.
ACCRUAL BASIS
Revenues are recorded when they are earned, which may be before or after they are received.
Expenses are recorded when they are incurred, which may be before or after they are paid.
Financial statements match revenues to the expenses incurred in earning them, and more accurately reflect the results of operations.
A receivable is recorded when payment is not received at the point of sale.
Payables are recorded when payment is not made at the time of purchase.
Revenues and expenses are recorded in full, even though partial payments may be made over extended time periods.
20 September 2014
Thanks, Yogesh
Its means I need not to record income and and also tds receivable. Then will I get tds adjusted against my tax payable for tax purpose???
My cliet follows cash accounting and also show FD Interest on accured basis and relevantly shows TDS RECEIVABLE on interest inocome.
Plz do needful
Its means I need not to record income and and also tds receivable. Then will I get tds adjusted against my tax payable for tax purpose???
My cliet follows cash accounting and also show FD Interest on accured basis and relevantly shows TDS RECEIVABLE on interest inocome.
Plz do needful
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
