Job work bill and debit note - accounting entry -reg

Dear Sir,

We need to pay Job Work Bill Amount Rs.70,000 to Individual Contractor after deducting Rate Difference Rs.10,000/-.

Final Net Amount Rs.60,000 we need to pay.

 

Bill Booking Entry

1) Dr : Job work Account Rs.70,000

    Cr : Contractor Account Rs.70,000

Debit Note Entry for Rate Difference

2) Dr: Contractor Account Rs.10,000

   Cr: Job Work Account Rs.10,000

TDS Entry

3)  Dr: Contractor Account Rs.600

     Cr: TDS 1% Payable Rs.600

Payment Entry

4)  Dr: Contractor Account Rs.59,400

     Cr: Bank Account Rs.59400

 

All the above Entries and values are correct ?

Please check the above entries and reply me.

 

Regards,

M.Shanmugasundaram

 

Replies (2)

Yes entry is right

IF JOB WORK BILL BOOK AMOUNT RS 70000. OF 30TH AUG.AND TDS AMOUNT DEPOSIT  AT RS 700

BUT DEBIT NOTE DEDUCT IN NEXT IN 17TH JULY  SO TDS AMOUNT REFUNDABLE TO THE PARTY 

PLEASE TELL AND WHAT THE ENTRY WILL BE 

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