sir let suppose I have fd of rs 100000 for 3 year @ 8%
I record interest income as per my TDS statement every year.
on the date on maturity i recived suppose 130000 amount
how to pass and setoff journal entry with TDS adjustelment in accounts?
Initially
Deposit dr.
Bank Cr.
then,
Interest Receivables dr.
TDS dr.
Interest Income Cr.
TDS payables cr.
at the 3rd year end
Bank dr.
TDS payables dr.
Deposit Cr.
Bank cr.
Interest receivables cr.
Hope this tallies the whole transaction
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