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Excess paid after tds
i have paid extra amount to the vendor as professional charges with tds deduction @ 10%? How will I adjust excess paid amount &tds in next month? what is entry for recording in the books?
Replies (2)
Quick Summary
Made expense entry with actual value and vendor balance with total amount paid so the balance kept available in ledger of vendor.
@ Dinesh,
Say present invoice is for 100000/- Book the payment entry for full amount.
Vendor A/c Dr 100000
Bank
Tds A/c 10000
To Bank
If the next bill is 100000/- then deduct 20000/- for Tds and pay only 80000/- to vendor
Exp a/c Dr. 100000
To Tds 20000
To Vendor 80000
Vendor A/c Dr 80000
To Bank
Tds A/c Dr 10000
To Bank
You can also do it in another way
Say present invoice is for 100000/- Book the payment entry for full amount.
Vendor A/c Dr 100000
Bank
Tds A/c 10000
To Bank
If the next bill is 100000/- then deduct 20000/- for Tds and pay only 80000/- to vendor
Exp a/c Dr. 100000
To Tds 20000
To Vendor 80000
Vendor A/c Dr 80000
To Bank
Tds A/c Dr 10000
To Bank
You can also do it in another way
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