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Retention money

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2014 SIR,
PLEASE TELL ME THE ENTRY FOR AMOUNT DEDUCTED AS A RETENTION MONEY..??
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P V Ram

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P V Ram (Expert)
20 January 2014 If you receive bills:

Work in Progress A/C. Dr.
To Retention money Payable
To TDS Payable (if any)
To Party

If you issue bills:

Retention Money Receivable Dr.
TDS Receivable Dr.
Party Dr.
To Sales / Service income

Thanks!

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