TDS DEDUCTED BY DEBTOR

WHEN TDS DEDUCTED BY DEBTOR ON PAYMENT MADE TO US . WE WILL MAKE ENTRY FOR THAT AS

CASH A/C DR                     XXX

TDS-DEBTOR A/C             XXX

TO DEBTOR A/C                                   XXX

(BEING CASH RECEIVED FROM DEBTRO AFTER DEDUCTING TDS)

THEN TDS-DEBTOR A/C WILL SHOW DEBIT BALANCE IN CURRENT ASSETS

HOW TO CLOSE OR NULLIFY THIS A/C TO NOT SHOW THIS TDS-DEBTOR A/C IN CURRENT ASSETS

BECAUSE WE WILL SETTEL THIS TDS WITH INCOME TAX PAYBLE BUT NOT CORRESPONDING ENTRY WILL NOT PASS IN ACCOUNTS FOR CURRENT PREVIOUS YEAR

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