Purchased asset and transfered xxx amount from our savings acc to sellers acc without deducting 1% TDS.we paid that 1% TDS, let's say 12,000 from our savings acc to IT for TDS.Later seller refunded that 12,000 amount by cash to us. How we have to record journal entries of this entire process in book of accounts.plz reply experts.
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Journal entries TDS paid and refund
Replies (6)
Is this for Individual (personal) account...??
Yes sir.Its a personal account
Purchase :
Dr. Asset A/c - XXXXXX
Cr. Seller A/c - XXXXXX
Payment against Purchase:
Dr. Seller A/c - XXXXXX
Cr. Bank A/c - XXXXXX
TDS:
Dr. Seller A/c - 12000
Cr. TDS Payable A/c - 12000
TDS payment:
Dr. TDS Payable A/c - 12000
Cr. Bank A/c - 12000
Receipt:
Cr. Seller A/c - 12000
Dr. Bank A/c - 12000
Dr. Asset A/c - XXXXXX
Cr. Seller A/c - XXXXXX
Payment against Purchase:
Dr. Seller A/c - XXXXXX
Cr. Bank A/c - XXXXXX
TDS:
Dr. Seller A/c - 12000
Cr. TDS Payable A/c - 12000
TDS payment:
Dr. TDS Payable A/c - 12000
Cr. Bank A/c - 12000
Receipt:
Cr. Seller A/c - 12000
Dr. Bank A/c - 12000
Under which head,i have to create Seller A/c sir
Generally You can create under Sundry Debtors..
Create sundry debtors.
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