Sir,
Can u pls tell me,
We are a contractor and we have given employed some sub contractors.
We have paid to one sub contractor an advance of Rs. 50000/-
He raised a bill on us for a some of Rs. 35000/- as labour work and he himself shown Less: Rs.1000/- as advance deducted. =Rs34,000/-
We deducted TDS @ 1% of Rs. 350/- So Net Payable is Rs. 33650/-
Now can u tell me what will be the accounting entry.
Thanks
There are a few complications associated with your transaction.
First of all, when you made payment of Rs. 50000 then on that amount you ought to have deducted TDS. So TDS of Rs. 50000*1/99 = Rs. 505, and total Rs. 50505 debited to his account.
Depends on why the advance has been given. If we ignore the advance entry of Rs. 50000 and assuming there is a debit balance of Rs. 1000 in sub-contractor's account, the accounting treatment would be as follows:
1. Job-Work Expenses A/c Dr. 35000
To, TDS Payable A/c 350
To, Sub-Contractor A/c 34650
2. Sub-Contractor A/c Dr. 33650
To, Bank A/c 33650
3. TDS Payable A/c Dr. 350
To, Bank A/c 350
| Originally posted by : Jitesh Golani | ||
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What about the advance of Rs. 1000\- nit has to be shown in the ledger no..
i assumed there is outstanding balance of previous transactions to the tune of Rs. 1000
So it got adjusted this time.
Dear Sushant,
Jitesh has mentioned in his reply that he is assuming that 1000 is already reflecting in your accounts as an advance presuming that accounting entry has been posted for the same.
However, if no entry posted till date, you may post it now with 1000 INR to regularize the same.
Thanks
" A learner"
What is the accounting entries for booking forward contract (USD) in books. and the entry for profit/loss on receipt of foreign inwards using that forward contract booked with banks
sir pls tell the said enteries how to pass :
1 Received Donation from Mrs Radhika by Cheque & Deposited into the bank.
2 Purchase 2 chairs @ 600/- , 6 tables @ 800/- & 2 Computers @ 22000/- & paid Rs 15000/- advance.
thanks
Hi, Mr. Manoj your questions is :
sir pls tell the said enteries how to pass :
1 Received Donation from Mrs Radhika by Cheque & Deposited into the bank.
2 Purchase 2 chairs @ 600/- , 6 tables @ 800/- & 2 Computers @ 22000/- & paid Rs 15000/- advance.
Ans :
1) Bank A/c. Dr. Rs....
To Donation A/c.... Rs....
2) Furniture And Fixtures A/c. Dr. Rs.1,400/- (600+800)
To Bank A/c. Rs.1400/-.
3) Comupter System A/c. Dr Rs.22000/-
To Bank A/c. Rs.22000/-.
Please enter details in Narration LIke B.No... Dated And VAT No. also and computer system details...
Hi, Mr. Manoj your questions is :
Hi, Mr. Manoj your questions is :
sir pls tell the said enteries how to pass :
1 Received Donation from Mrs Radhika by Cheque & Deposited into the bank.
2 Purchase 2 chairs @ 600/- , 6 tables @ 800/- & 2 Computers @ 22000/- & paid Rs 15000/- advance.
Ans :
I forgot to put one entry again which is :
From whome yu purcase credit that vendor a/c. for full amount like (600+800+22000) = Rs.23400/-.
Entry would be :
Assets A/c. Dr Rs.23400/-
To Vendor A/c. Rs.23400/
AND
Vendor A/c. Dr. Rs.15000/-
To Bank A/. Rs.15000/-
So
Balance in vendor A/c. is Rs.8,400/- Cr. balance to be payable.
Thanks..............
sir plz tallr erp 9.0 accounting entery with example
satishsharma00r @ gmail.com
donation received( indirect income) cr XXXX
bank a/c dr XXX
2. chairs ( under group .fixed assests) dr 1200
tables (under group .fixed assests) dr 4800
computer (under group .fixed assests) dr 44000
party name ( sundry creditor) cr 50000
when payment passed this entry
partyname dr 50000
cash/bank cr 50000
Read more at: /forum/accounting-entry-190276.asp#reply
Read more at: /forum/accounting-entry-190276.asp#reply
Read more at: /forum/accounting-entry-190276.asp#reply
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