Entry for Interest receivable & Payable with TDS
This query is : Resolved
29 March 2011
Please help me!
Mr.A has to give interest of Rs.1000/- and (TDS to be deducted @10%) to Mr.B
What is the journal and payment/receipt entry in the books of both Mr.A and Mr.B
Mr.A has to give interest of Rs.1000/- and (TDS to be deducted @10%) to Mr.B
What is the journal and payment/receipt entry in the books of both Mr.A and Mr.B
29 March 2011
In the books of A :
1. Interest due entry >
Interest A/c Dr. 1000
To B's A/c Cr. 900
To TDS payable Cr. 100
2. Interest pay Entry
B's A/c Dr. 900/-
To Bank Cr. 900/-
3. TDS payment Entry
TDS Payable Dr 100/-
To Bank Cr. 100
1. Interest due entry >
Interest A/c Dr. 1000
To B's A/c Cr. 900
To TDS payable Cr. 100
2. Interest pay Entry
B's A/c Dr. 900/-
To Bank Cr. 900/-
3. TDS payment Entry
TDS Payable Dr 100/-
To Bank Cr. 100
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29 March 2011
In the books of B :
1. Interest receivable >
A's A/c Dr. 1000/-
To Interest A/c Cr. 1000
2. Interest Recd Entry
Bank A/c Dr. 900/-
TDS Recoverable A/c Dr. 100
To A's A/c Cr. 1000/-
1. Interest receivable >
A's A/c Dr. 1000/-
To Interest A/c Cr. 1000
2. Interest Recd Entry
Bank A/c Dr. 900/-
TDS Recoverable A/c Dr. 100
To A's A/c Cr. 1000/-
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4 times
29 March 2011
MR A at the time of Interest Credit
1:
Interest Paid on loan Dr
Mr B Cr
2:
Mr B Dr
TDS Payable CR
Mr B
1:
Mr A Dr
Interest Accrued/ receivable Cr
2:
TDS receivable Dr
Mr A Cr.
1:
Interest Paid on loan Dr
Mr B Cr
2:
Mr B Dr
TDS Payable CR
Mr B
1:
Mr A Dr
Interest Accrued/ receivable Cr
2:
TDS receivable Dr
Mr A Cr.
29 March 2011
Thank You Sirs,
Please tell me if Interest A/c above mentioned comes under the head Indirect Income or Liability.
Please tell me if Interest A/c above mentioned comes under the head Indirect Income or Liability.
29 March 2011
Interest Paid--Indirect Exp
Interest received- Indirect Income
Interest Receivable-Current Assets.
Interest received- Indirect Income
Interest Receivable-Current Assets.
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