What should be the entry in books of accounts for the following when books are maintained on receipt basis.
Professional fee received Rs. 22500
TDS @ 10% Rs. 2500
Total Professional fee Rs. 25000
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TDS entry
Replies (11)
1. PARTY DR TO INCOME CR 25000
2. CASH/BANK DR TO PARTY CR 22500
3.TDS RECEIVABLE DR TO PARTY CR. 2500.
AGAINST THIS DR , TDS CERTIFICATE TO BE COLLECTED.
Dear SSG,
TDS deducted is a deemed receipt. Therefore u have to recognize as
Bank a/c ..........................Dr 22,500
TDS on Income..............Dr 2,500
To Professional Fees 25,000
Cash/Bank A/c Dr. 22,500
TDS/Advance Tax A/c Dr 2,500
To Prof. Fees A/c 25,000
Thanks everyone for the replies.
Thanks everyone for the replies.
party dr to fees 25000.
tds recvble dr to party 2500
Mr. Amir is right.
What about the fee for March month?
The client will be deducting TDS from prof. fee of March 2010 but will be paying it in F.Y. 2010-11. What should be the entry in the professional's books. Should he recognise March fee as income in F.Y. 2009-10, when he is maintaining books of accounts on receipt basis.
Please clarify.
Thanks
Friends, please reply to my query.
on 31st march entry will be.
Fee receivable Dr 22500
TDS DR 2500
to Professional Fees 25000
in the month of april
Bank A/c DR 22500
To Fees Receivable. 22500
regards,
ratan
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