Journal entry
This query is : Resolved
09 August 2014
dear all
I made advance payment to contractor fo which I pass following entry
advance dr 500000
to bank 490000
to tds 10000
tds dr 10000
to bank. 10000
at the tym of final payment I made following entry
abc ltd dr 1256000
to advance 500000
to bank 732000
to tds 24000
now wat is the nxt entry for tds as tds debited wid 24000 bt wat I credited as I deposited 10000 already in last year.
09 August 2014
Dear Ritesh,
Entries will be as under (assuming applicable rate of TDS is 2%)
When Rs.5 lacs paid advance,
ABC ltd. Dr.5,00,000
To bank Cr.4,90,000
To TDS payable Cr. 10,000
When TDS is deposited with govt.
TDS payable Dr. 10,000
To bank Cr.10,000
(on depositing TDS, there will be zero balance in TDS payable account)
On making final payment,
ABC Ltd. Dr.7,56,000
To bank Cr.7,40,880
To TDS payable Cr. 15,120
On depositing TDS with govt.
TDS payable Dr.15,120
To bank Cr.15,120
Regards,
Devanand
Entries will be as under (assuming applicable rate of TDS is 2%)
When Rs.5 lacs paid advance,
ABC ltd. Dr.5,00,000
To bank Cr.4,90,000
To TDS payable Cr. 10,000
When TDS is deposited with govt.
TDS payable Dr. 10,000
To bank Cr.10,000
(on depositing TDS, there will be zero balance in TDS payable account)
On making final payment,
ABC Ltd. Dr.7,56,000
To bank Cr.7,40,880
To TDS payable Cr. 15,120
On depositing TDS with govt.
TDS payable Dr.15,120
To bank Cr.15,120
Regards,
Devanand
Message likes :
1 times
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?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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 ?
Trending Online Classes
CAclubindia
