Accounting entries

A/c entries 660 views 1 replies

CA FINAL article

181 Points Joined June 2011

mm civil con have contract with m/s krishna ciliv con as on 23/03/2011 contract price received 7425740. TDS 14515,

there is only one entry for accounting year 2010-11.

what is accounting entry?

company want to refund the TDS amount what should do ?

please reply

Replies (1)

Chartered Accountant

4780 Points Joined March 2009

Hi Devang,

Following is the entry to record the above transaction:-

Bank A/c Dr. 7425740

TDS A/c Dr. 14515

(Grouped under Current Assets)

To Sundry Debtor A/c 7440255

(Being Contract price received and TDS deducted on the same by the customer)

Regards,

Devendra Kulkarni

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