is the entry right

This query is : Resolved

Pankaj Sharma (Querist)
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19 April 2008 if the financial year closed 2007-08 and bill received for the month of March-08 as on 08.04.2008. bill of courier.

in such case the entry is

postage & courior A/c Dr

To expenses payable

To TDS on contractor

entry for next year

expenses payable a/c dr.

To XYZ

is it right.

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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19 April 2008 WRONG DEAR,

In 2007-08:
Postage & Courier a/c DR.
To Expenses payable/outstanding expenses/provision fro expenses.

In year 2008-09:
Expenses Payable/outstanding expenses/provision fro expenses a/c Dr.
To XYZ
To TDS

But you have paid before above credit entry then you have to deduct tds that time only and not as above..

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is the entry right

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