Opening credits balance for A Ltd is Rs.100/-
Current year rent receivable from A.Ltd net of TDS is Rs. 90(TDS is Rs.10)
What will be the accounting entry?
Opening credits balance for A Ltd is Rs.100/-
Current year rent receivable from A.Ltd net of TDS is Rs. 90(TDS is Rs.10)
What will be the accounting entry?
A ltd account Dr. 90
Tds receivable Dr. 10
Rent receivable account 100
here TDS is an asset. It can be adjust from our tax liability while self assessment.
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