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commission paid rs.1341000 &tds deducted 10% i.e.134100.so how to pass journal entry.Tds was not deposits to the account of government.reply plz
Replies (5)
Comm. dr 1341000
tds payable cr 134100
bank cr 1206900
Commission a/c Dr. 13,41,000
To TDS a/c 1,34,100
To Cash/Bank a/c 12,06,900
Remember there's a simple tip to to write the journal entry for TDS.
If you are incurring any expense on which TDS has to be made,just remember crediting the TDS amount and the balance amount that is the amount to be paid to the party.
Refer the following link to know some more information about the journal entries and the accounting information:
https://www.svtuition.org/2012/08/journal-entries-of-tds.H T M L
If Tds deducted and deposited within due date to the government.so what journal entry will be pass???plz reply.thanku in advance.
you have to pass :-
TDS payable A/c Dr (TDS Amount)
To Bank/Cash A/c (TDS Amount)
(When it has been paid)
What entry will pass in deductee books for the above entry?thanks in advance
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