Dear sir/ Madam,
I have pvt ltd co. My account has passed only payment entry in pay. do we have to post JV also.
Pl. advice with ledger creation group and posting.
Regard,
Rajeev
Rajeev Mishra (MBA) (24 Points)
26 April 2021Dear sir/ Madam,
I have pvt ltd co. My account has passed only payment entry in pay. do we have to post JV also.
Pl. advice with ledger creation group and posting.
Regard,
Rajeev
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 26 April 2021
Yes, JV (or Purchase) entry would make life easy even to deduct tax at source wherever applicable.
1) Provision/Expense accounting*
Rent Dr
To Creditor
To TDS
2) Payment of rent:
Creditor Dr
To Bank
3) Payment of TDS:
TDS
To Bank
*Add GST wherever applicable
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