How to account for TDS subtracted on suppliers invoice?
How to create accounting entries once Tax is paid and wishes to be entered in books of account
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How to account for tds subtracted on suppliers invoice.
Replies (2)
Book Entry for
Expenses A/c Dr
GST A/c Dr (If GST Available on Invoice)
To TDS A/c
To Supplier A/C
After TDS Deposit
TDS A/c Dr
To Bank A/c
First due entry
Expense.... Dr.
To Supplier A/c
Second entry
Supplier A/c... Dr.
To TDS Payable A/c (curr liability)
To Bank A/c (payment to supplier net of TDS)
Third
TDS Payable...Dr.
To Bank A/c
Expense.... Dr.
To Supplier A/c
Second entry
Supplier A/c... Dr.
To TDS Payable A/c (curr liability)
To Bank A/c (payment to supplier net of TDS)
Third
TDS Payable...Dr.
To Bank A/c
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