Accounting entry
This query is : Resolved
07 May 2008
What should be the accounting entry in tally when the rent of Rs 50000 is paid to director’s,also TDS needs to be deducted and end of year we also want to know the gross payment to director.
07 May 2008
Dear Samir,
Rent a/c Dr.. (Full amount)
To Tds Payable a/c (Percentage of TDS on full amt)
To Directors a/c.(Balance amount i.e. Total - TDS)
Rent a/c Dr.. (Full amount)
To Tds Payable a/c (Percentage of TDS on full amt)
To Directors a/c.(Balance amount i.e. Total - TDS)
07 May 2008
How to find out the gross payment to director at the end of year as rent would be paid to many people
07 May 2008
You will be entering this is tally, so at the start press DAL (Shortcut) it will arrive to ledgers from there choose the period and you will get the gross amount paid to directors.
Hope now it is clear.
Hope now it is clear.
07 May 2008
Thanks Amit,
But still it will give net of TDS and not gross amount
But still it will give net of TDS and not gross amount
07 May 2008
In the same way go to TDS payable ledger add back the amount of TDS to Directors , now atleast you will get the gross amount.
07 May 2008
the best way to enter tds entry is to make seperate entry of expense and tds. although for want of time it is not feasible every time. but i suggest you that for some expenses like salary, rent, interest on loan etc. you make seperate entry for tds. it will be like this:
I
rent dr
to director a/c
II
director a/c dr
to tds payable
I
rent dr
to director a/c
II
director a/c dr
to tds payable
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