03 March 2016
I have a firm and I give legal expenses of Rs.100000 out of which I deduct TDS of Rs.10000 and the payment/withdrawal from bank is 90000.Which entry I will make and how? And further this TDS has been deposited by lawyer,so which entry I will make here? PLEASE ELABORATE.
03 March 2016
Dear In this case you have deducted TDs so you are required to deposit the same. Entry will be Legal expense dr 100000 To TDs payable 10000 To bank. 90000 You will make a journal entry
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