1.What is TDS receivable entry(proprietor).
2. How to pass prepaid insurance entry in next year.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 08 March 2021
Amit
(Accounts )
(526 Points)
Replied 08 March 2021
Amit Potadar
(Consultant)
(135 Points)
Replied 08 March 2021
Hi Amit,
From which source you are receiving TDS? you credit that account instead of TDS Account.
Amit
(Accounts )
(526 Points)
Replied 08 March 2021
Amit Potadar
(Consultant)
(135 Points)
Replied 09 March 2021
Is it TDS on interest or commission? Nature of Receipts i was asking.
Amit Potadar
(Consultant)
(135 Points)
Replied 09 March 2021
then Credit the customer account and Debit the TDS Receivable Account.
JAGJIT KASHYAP
(TAX CONSULTANT)
(109 Points)
Replied 11 March 2021
First you have to recognize your receivable amount on the basis of Invoice issued.
For Eg.
If you raised Invoice for Rs. 1000 on your client toward your service provided.
Then 1st entry will be
Client A/c Dr. Rs.1000
To Services / Sales Invoice 1000
(Invoice issue for provision of service).
Now, for eg. Rs. 100 deducted by your client (assuming professional service u/s 194j) against same Invoice which come to your knowledge on the basis of Form 26AS.
then 2nd entry for TDS.
TDS Receivable Dr. Rs. 100
To Client A/c. Rs. 100
(TDS receivable recognized as per form 26AS)
After that when you receive payment from your client against same Invoice.
Then entry for Payment receipt.
Bank/Cash A/c. Dr. Rs. 900
To. Client A/c. 900
(Payment received from client after deduction of TDS by him)
Hope, I able help you
Thanking You
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
