Accounting entry

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Samir (Querist)
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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.

Amit Sharma

Amit Sharma (Expert)
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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)

Samir

Samir (Querist)
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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

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Amit Sharma

Amit Sharma (Expert)
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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.

Samir

Samir (Querist)
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07 May 2008 Thanks Amit,

But still it will give net of TDS and not gross amount

Amit Sharma

Amit Sharma (Expert)
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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.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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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