we got 18000/- from bank interest. tds deducted 2000/- by bank how to account? we account interest amount 18000/- (Interest Income Under Indirect Income) But how to account TDS Deduct amount 2000/-in our books .
pls give ur valuable suggestion. pls give me necessary entries.
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Tds entry
Replies (3)
Entry should be -
Bank a/c. Dr 18000
TDS a/c. Dr 2000
To Bank interest 20000
Agreed with KHushboo but 'TDS' should be replaced with 'TDS Receivable' in above entry..
Entry:
Bank a/c Dr 18000
TDS Receivable a/c Dr 2000
To bank interest a/c 20000
( debit should be give only to "TDS Receivable" only)
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