DIRECT DEPOSIT CASH IN BANK FROM OTHER PARTY
This query is : Resolved
16 August 2010
PARTY DIRECT DEPOSIT CASH IN BANK UNDER CORE BANKING
I DO ENTRY
BANK A/C DR.
TO PARTY A/C
I AM RIGHT AS PER ACCOUNTING STANDARD BECAUSE I DONT HAVE PHYSICAL CASH
PLEASE SUGGEST ME I AM RIGHT AS PER ACCOUNTING STATNDARDS AND INCOME TAX ACT
I DO ENTRY
BANK A/C DR.
TO PARTY A/C
I AM RIGHT AS PER ACCOUNTING STANDARD BECAUSE I DONT HAVE PHYSICAL CASH
PLEASE SUGGEST ME I AM RIGHT AS PER ACCOUNTING STATNDARDS AND INCOME TAX ACT
16 August 2010
You are right..
Its simple,
Debit... what comes in (Bank bal)
Credit... the payer
its also a merger of 2 entries
Cash Dr.
To Party
&
Bank Dr.
To Cash
Its simple,
Debit... what comes in (Bank bal)
Credit... the payer
its also a merger of 2 entries
Cash Dr.
To Party
&
Bank Dr.
To Cash
17 August 2010
the accounting entry has nothing to do with income tax.
....only if the party has deposited the amount net of TDS i.e. after deducting TDS then the entry will be,
Bank... Dr.
TDS Receivable... Dr.
To Party
....only if the party has deposited the amount net of TDS i.e. after deducting TDS then the entry will be,
Bank... Dr.
TDS Receivable... Dr.
To Party
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
