Journal entry for rental income.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2014
Mr. A receives rent from X @ 55125. Service Tax is also charged on the same @ 12.36%.
Service Tax amounts to 6813 (6615+132+66).
What JE will MR. A pass for booking rental income if TDS @ 10% us 194IB is deducted by X on payment?
Service Tax amounts to 6813 (6615+132+66).
What JE will MR. A pass for booking rental income if TDS @ 10% us 194IB is deducted by X on payment?
21 April 2014
For Booking of Rental Income
Mr. X A/C Dr. 61938
To Rent / Rent Receivable A/C 55125
To Service Tax Payable A/c 6615
To Education Cess Payable A/C 132
To SHE Cess Payable A/C 66
Being Rent for the period booked and service tax thereon provided for.
For Receipt and TDS
TDS on Rent A/c Dr. 5513
Cash / Bank A/c Dr. 56425
To Mr. X A/c 61938
Being Rent for the period received after deducting TDS.
For TDS A/c Set off
Provision for Tax A/c Dr. 5513
To TDS on Rent A/c 5513
Being Tax Liability reduced by TDS.
Mr. X A/C Dr. 61938
To Rent / Rent Receivable A/C 55125
To Service Tax Payable A/c 6615
To Education Cess Payable A/C 132
To SHE Cess Payable A/C 66
Being Rent for the period booked and service tax thereon provided for.
For Receipt and TDS
TDS on Rent A/c Dr. 5513
Cash / Bank A/c Dr. 56425
To Mr. X A/c 61938
Being Rent for the period received after deducting TDS.
For TDS A/c Set off
Provision for Tax A/c Dr. 5513
To TDS on Rent A/c 5513
Being Tax Liability reduced by TDS.
21 April 2014
mr x dr 61938
to rent received 55125
to service tax payable1 12.36% 6813
then he rece ch.
bank 56425
tds receivable 5513
to x a/c
to tds receivable
service tax payable a/c Dr
to Bank a/c
to rent received 55125
to service tax payable1 12.36% 6813
then he rece ch.
bank 56425
tds receivable 5513
to x a/c
to tds receivable
service tax payable a/c Dr
to Bank a/c
21 April 2014
entries told by Mr Hitendra are correct, you may use TDS receivable a/c instead of TDS on rent.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
