Accounting entries

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CA FINAL article
131 Points Posted on 09 March 2012

 

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
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On 09 March 2012 at 15:55 Report
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Chartered Accountant
3769 Points Posted on 09 March 2012

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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On 09 March 2012 at 16:38

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