Dear Learners,
Can you give a detailed explanation for a journal entry :Rent Received or Paid including TDS Paid or received (In each case). How to treat in finalisation of accounts(both sole proprietor and companies)??
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Journal Entry in case of a transaction on which TDS Paid/Received?
Replies (2)
Rent Received :
Dr. Customer Account - Rs. XXXX
Cr. Rent Received - Rs. XXXX
TDS Receipts :
Dr. TDS Receivables - Rs XXXX
Cr. Customer Account - Rs XXXX
Rent Paid :
Dr. Rent Paid - Rs. XXXX
Cr. Party Account - Rs. XXXX
TDS payable :
Dr. Party Account - Rs. XXXX
Cr. TDS Payable - Rs. XXXX
Any doubt then ask again...
Dr. Customer Account - Rs. XXXX
Cr. Rent Received - Rs. XXXX
TDS Receipts :
Dr. TDS Receivables - Rs XXXX
Cr. Customer Account - Rs XXXX
Rent Paid :
Dr. Rent Paid - Rs. XXXX
Cr. Party Account - Rs. XXXX
TDS payable :
Dr. Party Account - Rs. XXXX
Cr. TDS Payable - Rs. XXXX
Any doubt then ask again...
Received :
Bank Dr. Xxx
TDS Dr. xxx
To Party/Tenant xxx
Paid:
Party/Owner Dr. Xxx
To TDS xxx
To Bank xxx
If GST is also there :
Then in tenant's book
GST payable Dr. 500
To Bank 500
I think this would be correct one?
Bank Dr. Xxx
TDS Dr. xxx
To Party/Tenant xxx
Paid:
Party/Owner Dr. Xxx
To TDS xxx
To Bank xxx
If GST is also there :
Then in tenant's book
GST payable Dr. 500
To Bank 500
I think this would be correct one?
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