On Account Payment entry


Student Cum Accountant

Dear Experts,
Greetings ...
pls help me out on this query;
i have recd Advertisement pmt mail by Hr for Pmt which is 50k +Gst 18%
now my Q is Advertisement Agency will Provide bill after pmy recd, in that case what accounting entry should i pass , as i m not recd any bill and also i hv to deduct tds
pls Guide
 
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chartered accountant

Advt co. Dr. 50000
To Bank 49000
To tds payable 1000
 
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"Do the Right Thing...!!!"

Dr. Advertisement Agency A/c - Rs. 59,000
Cr. Bank A/c - Rs. 58,500
Cr. TDS Payable A/c - Rs. 500

Note : If the Advertisement Agency is proprietary co then deduct TDS 1% or Partnership & other then deduct 2%.

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