Accounting effect for income n tds
This query is : Resolved
21 July 2012
Say my income for the year 2011-12 is Rs7000 n Rs. 700 TDS but i rec the money Rs. 6300 in year 2012-13 than wat will be the accounting entry for CA(folloing cash system) and what will be the tax effect for both the year.
21 July 2012
CASH / BANK A/C DR 6300
TDS RECEIVABLE A/C DR 700
TO INCOME A/C CR. 7000
TDS RECEIVABLE A/C DR 700
TO INCOME A/C CR. 7000
21 July 2012
Agreed with above.
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