Sir
Good after noon
A Company is providing Job work services, Every month they are raising a bill of Rs.1,00,000 and at the time of raising Invoice the entry is (Ignoring GST in Entry)
Sundry Debtor dr- 1,00,000
To Job work Sales cr - 1,00,000
While getting the receipt the entry will be
Bank Dr 98,000
TDS Receivable Dr 2,000
To Sundry debtor Cr 1,00,000
Every month the entries are posting like this
As the Customer deducted TDS on accrual basis in March 2024, TDS receivable as per 26 AS is 24,000 Rs (12*2,000)
However we are recognising TDS Receivable on Receipt basis in our books,hence it is Rs.22,000 (11*2,000)
While reconciling TDS with Form 26 AS v.entries in tally prime we are getting Rs.2,000 difference
Request you to advise what kind of entry we can do for this Rs.2,000 difference (March 24 TDS )
Thanks
CAclubindia
