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Real Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2010 if i earn Rs 105/- from a bill where Rs. 5/- is TDS, how much amount should be shown in credit side of P/L a/c ( Rs. 105/- or Rs. 100/-?
What will be the actual accounting entry ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 June 2010 Rs.105 will be shown in credit side of P/L A/c.
Entry:
Party A/c......Dr.105
To Income A/c......Rs.105

Bank/Cash A/c Dr. 100
TDS Receivable A/c Dr. 5
To party A/c 105
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
28 June 2010 Gross income to be booked, cash / bank credited and balance trfd to TDS a/c
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