Hi All,
Pls help me for the below question:
My Co., starting a another company constructing(another unit) Purchased a lift for newly constructing building vendor has issued a quote and we are making advance payment towards lift purchase.
1. what is accouting entry in books
2. while making advance payment any taxes to dedcuct and to pay to vendor.
yes you need take him lift saler as a debtor, debit advance amount to lift saler.
If the amount cross the Tds limits you need to deduct the tds even it is advance.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Shyam Joshi & Associates
Pune
B.Com
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CAclubindia
