Accounting entry

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
	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

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