Hello Friends what entry has to be passed in personal accounts of directors whose remuneration for the month of march 2020 has been paid on June 2020 as there was a lockdown remuneration has been paid on the month of June 2020 of march and also TDS has been deducted on that month what entry should one pass in case TDS also has been deducted from directors remuneration but return has been not uploaded for the quarter ending june 2020.
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Provision for Remuneration paid to Directors
Replies (4)
Pass Journal Entry in personal accounts as per corresponding entries in the business account.
e.g on 31.03 2020 in personal accounts.
Dr. XXXX Pvt Ltd
Dr. Tds on salad receivable
Cr. Salary from XXXX Pvt Ltd
e.g on 31.03 2020 in personal accounts.
Dr. XXXX Pvt Ltd
Dr. Tds on salad receivable
Cr. Salary from XXXX Pvt Ltd
Thanks for answering I want to know under which head should I Tds on salary receivable and salary from xxx pvt Ltd. comes under.
Both under capital account.
Thanks for answering sir one more query if Tds deducted less while making an payment to the director for March 2020 what entry one has to pass in that case.
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