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Accounting entry
You are my CA and I have given you a sum of Rs. 50000 to pay my tax dues. Suppose I have deducted tax of Rs. 10000. please tell me the entries required in both your books and my books from the beginning so that the amount is credited to the government.
Replies (3)
Quick Summary
Ca will make entry
bank a/c dr. 40000
tds receivable dr.10000
To you. cr.50000
bank a/c dr. 40000
tds receivable dr.10000
To you. cr.50000
Thank you so much. And what would be my entry?
A) In client's books:
1. 50,000 amount paid to CA
Dr. CA (Name/Firm Name) A/c
Cr. Bank A/c
2. 10,000 TDS paid via CA
Dr. TDS Payable
Cr. CA (Name/Firm Name) A/c
B) In the books of CA:
1. 50,000 amount received from client
Dr. Bank A/c
Cr. Client A/c
2. 10,000 TDS paid on behalf of client
Dr. Client A/c
Cr. Bank A/c
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