I have deducted TDS on interest on loan given to directors.
I haev passed entry as:
Interest on loan Dr. 5000
to direcotor 4500
to TDS on intrest 500
Is above entry is correct?
How director will record this entry in his book?
I have deducted TDS on interest on loan given to directors.
I haev passed entry as:
Interest on loan Dr. 5000
to direcotor 4500
to TDS on intrest 500
Is above entry is correct?
How director will record this entry in his book?
Yes, The above entry is correct.
Director will record it by the below entry
Company A/c Dr 4500
TDS receivable A/c Dr 500
To Interest on Loan Advanced to company A/c 5000
| Originally posted by : Nithin Chettoor | ||
 |
Director will record it by the below entry Company A/c Dr 4500 TDS receivable A/c Dr 500 To Interest on Loan Advanced to company A/c 5000 |
 |
Agreed
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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