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Expense

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(Querist)
17 January 2013 Dear Sir

Please guide me regarding Accounting treatment of Exp. If 15000 paid towards Water Chartges then in what head the entry be treated ?
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CA Priyank Singhi

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CA Priyank Singhi (Expert)
17 January 2013 You should debit it in PL Account and treat it as an expense simply.
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anurag

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anurag (Expert)
17 January 2013 Water Expenses Dr 15000
TDS on Contract Cr 1500
Creditor Cr 13500
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
17 January 2013 water chareges Dr. 15000
To creditors 15000

It is assumed that it is only payment. So no TDS required. But if there is more payments and TDS liability occures then

water cahrges Dr. 15000
To TDS on contractor 300
To creditor 14700

I assumed he is not individual so 2% TDS taken.

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