Journal Entry for Contractor payment

Swarnava Ghosh (Accountant) (21 Points)

23 September 2020  

can you advise the journal entries for part payment for the contractor bill? Suppose Bill's net value is Rs. 100, GST is 12% and TDS is 2 %. But right now I am able to pay Rs. 40 (Net value) + Taxes. Can you suggest the journal entry for making this part payment (Rs. 40) to contractor along with taxes. And what will be journal entry for the remaining amount (Net Rs. 60/-)