Accounting for the tranction

one company doing labour job

 

while receiving payment form debtors some part cut for tds some part is reamains for

Retention  which he gets after the project is over

my question is hw should he account for this transaction weather he shows he retention amount

in another accountant head or keep it as it is

 

 

 

 

Replies (4)

For eg. Rs.1,00,000 is part of the labour job. 10% is retention deposit. Following entry can be passed

Bank Account / Sundry Debtor A/c ----= Dr               Rs.89000

TDS A/c ---------------Dr                                                  Rs.1000

Rentention A/c -----------Dr                                           Rs.11000

To Income Account                                                                                      Rs.1,00,000

 

Logically correct answer.

i compines rentention amount dont show in entry in that case hw to mantain the o/s statement of debtors

Dear

I suggest the following: (you will be having more Debtors/Customer) Hence if have suffix with TDS & Retention Money viz., TDS Receivabele XYZ & Retention Money XYZ at the end of the year you can able to extract customer wise. In case of TDS you can check with AS26 from Income Tax web site also. Other wise a huge amount will be shown in TDS & its very difficult to track at the end of the year & unless if you give details in narration.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details