Pls replay its urgent

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Rajesh Raman

292 Points Joined June 2011

Please make suggestion for the following

A.Debtors a/c – Rs.10000

TDS receivable – Rs.1000

Professional income – Rs.11000

1a. DUE

Party a/c Dr 10000

TDS Receivable Dr 1000

To Professional Income 11000

1b. 1.Party a/c Dr. 11000

To Professional income 11000

2.TDS Receivable Dr. 1000

To. Party 1000

Is the second entry 1B-2 entry was correct ????, The 2nd entry credit Party or Professional income ????

B.M/s. A is a Proprietary concern its 26AS shown Rs. 12000 as refund (FY 2014-15)

What is the accounting treatment in the current year. Journal entry for that

Is any JV should pass ?????. What is the journal entry if it is received ????? Is any difference if the assessee is company????

Replies (3)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

A. your entry in 1B-2 is correct.. and party a/c will be credited.

B. if the prop. concern has refund then following two options are available.
(i) if refund is received in bank a/c of business, then
bank a/c dr.
to tds receivable a/c

or

(ii) if refund is recieved in personal savings a/c, then
capital a/c dr.
to tds receivable a/c