Accounting entry

This query is : Resolved

Dinesh kumar (Querist)
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09 January 2016 We hava paid advance Rs.490000(500000-2% tds deduction)after we received final bill has been Rs.618242.how pass tall entry in systems

Advance amount Rs.500000.00
Less tds2% 10000.00
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490000.00-Date 01.12.2015
Final bill received date 04.01.2016 please explain
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Ganeshbabu K

Ganeshbabu K (Expert)
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11 January 2016 On payment of advance amount.

Dr.Advance paid to supplier a/c 5,00,000
Cr.TDS 194C co./Non.co. a/c 10.000
Cr.Bank a/c 4,90,000

After receiving final bill

Dr.Expence 6,18,242
Cr.TDS 194C co./Non.co. a/c 2,365
Cr.To advance paid to supplier a/c 5,00,000
Cr. To supplier a/c 1,15,877

On payment to supplier
Dr.Supplier a/c 1,15,877
Cr.Bank 1,15,877

Dinesh kumar

Dinesh kumar (Querist)
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11 January 2016 Thanks you sir.Very useful for me

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