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)??
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...
CAclubindia
