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?
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Journal entry for tds deduted on interest on loan
Replies (4)
Yes, The above entry is correct.
Tds receivable a/c. 500
company a/c. 4500
to Interest a/c. 5000
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
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