Hi friends,
We have made the following entries with reference to Income for the financial year 2010-11
Due entry for customer
Customer a/c 100
Incomea/c 100
When we received the money from customer
bank a/c 95
customer a/c 95
but we forgot to make the following entry (TDS paid by the customer appears in form 26AS for the financial yr 2010-11)
tds receivable a/c 5
customera/c 5
so that there is debit bal in customer a/c and we have paid more income tax to the Govt. for the same f/y as we haven't considered the TDS deposited by customer.
we want to ser off the customer a/c for the f/y 2011-12 .
how to rectify the previous year mistake?what is the entry...
CAclubindia
