what is the entry for tds payables and tds receivables? need immediate reply
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Plz guys need immediate reply
Replies (5)
1. TDS PAYABLE
For booking the Expenses & deducting TDS:
Expenses A/C Dr
To Vendor A/c
To TDS payable a/c
For making payment to vendor:
Vendor A/c Dr
To Bank A/c
Payment of TDS to Department:
TDS payable a/c Dr
To Bank A/c
2. TDS RECEIVABLE:
For booking the Income & deducting TDS:
Customer A/C Dr
TDS receivable A/c Dr
To Income A/c
For getting payment from Customer:
Bank A/c Dr
To Customer A/c
TDS received from Department:
Bank A/c Dr
To TDS receivable a/c
| Originally posted by :Chellam | ||
| " | what is the entry for tds payables and tds receivables? need immediate reply | " |
The entry for TDS payable will be
Exps Dr
To Bank
To TDS Payable
And for payment of TDS
TDS payable
To Bank
For TDS Receivable
Bank Dr
TDS Receivable Dr
To Income
The amount of TDS receivable will get nullified at the time of assessment
Plenty of thanks 4 you all For helped in this regards.hope u do the same in future......
i am appearing for cs inter (new course) in december .....i need help ...i need soem notes..nd since its new course i dont have any idea about exam format nd weithage of chapters
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