Set off salary balance
This query is : Resolved
13 November 2013
sir,
i have one problem in salary, one employee salary due by 6500 but we paid salary 1800 (full & final),what is the journal entry of set off salary a/c & employee a/c
i have one problem in salary, one employee salary due by 6500 but we paid salary 1800 (full & final),what is the journal entry of set off salary a/c & employee a/c
13 November 2013
You are saying you have salary balance due to one employee means you previously the following entry passed to create the balance due
Salary a/c dr 6500
To Employee a/c 6500
(Being salary payable to Employee X is provided)
But now make a payment of Rs.1800 only and fully settled his balance due means balance payable amount waived by the employee means you need not to pay so pass the following entry
Employee a/c dr 6500
To Cash/bank a/c 1800
To Salary a/c 4700
(Being amount payable to employee is paid and final settlement is made and the balance of amount waived by him is recognised as income)
Instead of above compound entry you can pass the following two entries
Employee a/c dr 1800
To Cash/Bank a/c 1800
(Being amount paid to Employee)
Employee a/c dr 4700
To Salary a/c 4700
(Being balance due to employee is waived by him and it is never payable since it is recognised as income)
Note: Why because of the balance not payable amount shall be credit to the salary account, the reason is previously you debited salary account to create the payable due to employee but now the payment liability is not forever, so previously you debited to salary account as expenditure of the payable amount but such expenditure is not forever now, So now you have to reverse that excess provided expenditure thus we credited to the salary account.
OM SAI SRI SAI JAI JAI SAI
Salary a/c dr 6500
To Employee a/c 6500
(Being salary payable to Employee X is provided)
But now make a payment of Rs.1800 only and fully settled his balance due means balance payable amount waived by the employee means you need not to pay so pass the following entry
Employee a/c dr 6500
To Cash/bank a/c 1800
To Salary a/c 4700
(Being amount payable to employee is paid and final settlement is made and the balance of amount waived by him is recognised as income)
Instead of above compound entry you can pass the following two entries
Employee a/c dr 1800
To Cash/Bank a/c 1800
(Being amount paid to Employee)
Employee a/c dr 4700
To Salary a/c 4700
(Being balance due to employee is waived by him and it is never payable since it is recognised as income)
Note: Why because of the balance not payable amount shall be credit to the salary account, the reason is previously you debited salary account to create the payable due to employee but now the payment liability is not forever, so previously you debited to salary account as expenditure of the payable amount but such expenditure is not forever now, So now you have to reverse that excess provided expenditure thus we credited to the salary account.
OM SAI SRI SAI JAI JAI SAI
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14 November 2013
thank you sir
jai sai ram
jai sai ram
14 November 2013
sir,
solve my second problem,check my entries of commission
agent a/c dr. 100
To commission receive cr. 100
(being commission due(tally-journal)
tds a/c dr. 10
To agent cr. 10
(being deduct tds(tally -journal)
bank a/c dr.90
To agent cr. 90
(being commission receive)
tds payable a/c dr 10
To tds receivable cr. 10
(being set off tds)
jai sai ram, om sai ram
solve my second problem,check my entries of commission
agent a/c dr. 100
To commission receive cr. 100
(being commission due(tally-journal)
tds a/c dr. 10
To agent cr. 10
(being deduct tds(tally -journal)
bank a/c dr.90
To agent cr. 90
(being commission receive)
tds payable a/c dr 10
To tds receivable cr. 10
(being set off tds)
jai sai ram, om sai ram
14 November 2013
As per the entries provided by you, i understand you are the commission receiving person, So in such case first three entries provided by you correct, but why you passing fourth entry, as per such entry it indicating your TDS receivable liability is adjusting with the TDS payable liability by you means deducted TDS by some one on you such amount you adjusting with the TDS deducted by you on the payments made by you, if it is correct then the fourth entry is wrong means it not correct and doesn't accepted, because of you deducted TDS should be deposit to the Government and TDS deducted on you shall be claim as taxes paid Credit at the time of filing of your income tax return. In case you view to pass the fourth entry is different to me then please post your view behind passing that entry i will explain you and give clarification.
However instead of passing of first two entries you can pass it in a single entry(called as compound entry) as follows
Agency a/c dr 90
TDS receivable a/c dr 10
TO Commission received a/c 100
(Being commission amount after deduction of TDS receivable from the agent)
OM SAI SRI SAI JAI JAI SAI
However instead of passing of first two entries you can pass it in a single entry(called as compound entry) as follows
Agency a/c dr 90
TDS receivable a/c dr 10
TO Commission received a/c 100
(Being commission amount after deduction of TDS receivable from the agent)
OM SAI SRI SAI JAI JAI SAI
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14 November 2013
sir,
tds deduct by agent.
i pass fourth entry for set off tds receivable. can you explain me how to set off tds receivable .
sir, it mean tds receivable & tds payable both are different & pass journal entry separate-2 .
i know that input credit is not possible in case of tds
om sai ram , jai sai ram
tds deduct by agent.
i pass fourth entry for set off tds receivable. can you explain me how to set off tds receivable .
sir, it mean tds receivable & tds payable both are different & pass journal entry separate-2 .
i know that input credit is not possible in case of tds
om sai ram , jai sai ram
16 November 2013
Entry passed by you seems to the TDS deducted and payable by you is setting of with the TDS receivable by you. So TDS receivable can be set off with the income tax payable by us. So TDS receivable shall group under current assets and at the end of the year compute your tax liability and then pass the following entry to set off TDS receivable
TDS receivable a/c dr
TO Income tax a/c
(Being TDS receivable for the A.Y XX-XX is set off with the income tax payable for the A.Y.XX-XX)
OM SAI SRI SAI JAI JAI SAI
TDS receivable a/c dr
TO Income tax a/c
(Being TDS receivable for the A.Y XX-XX is set off with the income tax payable for the A.Y.XX-XX)
OM SAI SRI SAI JAI JAI SAI
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16 November 2013
thanx sir, but i pass this entry then tds increase by same amount. because tds is already debited at the time of receive commission
om sai ram
om sai ram
16 November 2013
om sai ram,
sir,
i have problem in salary entry in tally, how
to pass without using payroll but with employee name
i have create some ledger like that
employee name under salary payable (CL)
2. sir salary paid in cash its legal why?????? sir plz... help me
om sai ram ,jai sai ram
sir,
i have problem in salary entry in tally, how
to pass without using payroll but with employee name
i have create some ledger like that
employee name under salary payable (CL)
2. sir salary paid in cash its legal why?????? sir plz... help me
om sai ram ,jai sai ram
28 November 2013
sir,
which form is valid for fill online tds return in case of tds deduct from rent of office & computer rent for pvt ltd company .& for quarterly return
sir please explain how fill tds return online
step by step.
om sai ra jai sai ram
which form is valid for fill online tds return in case of tds deduct from rent of office & computer rent for pvt ltd company .& for quarterly return
sir please explain how fill tds return online
step by step.
om sai ra jai sai ram
28 November 2013
sir,
please explain me as soon as possible.
jai sai ram om sai ram
please explain me as soon as possible.
jai sai ram om sai ram
30 November 2013
You have to file form 26Q, for TDS other than on salary payment form 26Q has to be file quarterly. The filing of TDS returns process shall be under taken by our staff in the office and we using a ready made software named "SARAL", so we didn't used online filing of TDS return till now, so i didn't have so much idea on that. However instructions to fill through online also available,so please follow such instructions.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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30 November 2013
om sai ram
30 November 2013
sir om sai ram
my company purchase hardware like ram hard disk around 10000-15000 can i show this purchase like fixed assets
my company purchase hardware like ram hard disk around 10000-15000 can i show this purchase like fixed assets
30 November 2013
Yes, you can consider it as a fixed asset, because of it is the main part to work computer and it increases the working level capacity of your computer, so it can be consider as Fixed asset.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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30 November 2013
thanks sir
,
sir my mother believe in sai baba she always
say if you are in problem say sai help me,
sai come & solve your problem in any form.
,
sir my mother believe in sai baba she always
say if you are in problem say sai help me,
sai come & solve your problem in any form.
30 November 2013
Yes, that words said by your mother is truth.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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03 December 2013
sir,
i am work in outbound call center, we sale the product & receive commission, sir we are which type of service provider with code
jai sai ram om sai ram
i am work in outbound call center, we sale the product & receive commission, sir we are which type of service provider with code
jai sai ram om sai ram
10 December 2013
sir,
we hire computer,can we show that as a assets
if we show that assets why ??? & depreciation is available on computer???
plz.. help me
sai ram jai sai ram
we hire computer,can we show that as a assets
if we show that assets why ??? & depreciation is available on computer???
plz.. help me
sai ram jai sai ram
13 December 2013
sir plz.. replay me
13 December 2013
Means i thinking, you giving computer on hire basis means collecting hire charges from the users of your computers, is it right?, In such case you can show it as assets and can claim depreciation also as well as hire charges collected shall be recognise as income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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13 December 2013
I am sorry to delay in my reply, due to the repair of my system, i couldn't spend time for it.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
13 December 2013
I am sorry to delay in my reply, due to the repair of my system, i couldn't spend time for it.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 December 2013
thanks sir
om sai ram jai sai ram
om sai ram jai sai ram
14 December 2013
sir,
can we receive owner capital in cash, sir it possible
om sai ram jai sai ram
can we receive owner capital in cash, sir it possible
om sai ram jai sai ram
14 December 2013
Yes, it can receive in cash.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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01 January 2014
DEAR SIR,
i wish you spend a great year ahead that starts with happiness and ends with that too happy new year
i wish you spend a great year ahead that starts with happiness and ends with that too happy new year
09 July 2015
Dear Sir ,
our company is pvt ltd in delhi . we have to increase our authorized capital 10,00,000 to 20,00,000. i need your help for calculating stamp duty.i am not able to calculate exact amount of stamp duty Please help to calculate stamp duty.
our company is pvt ltd in delhi . we have to increase our authorized capital 10,00,000 to 20,00,000. i need your help for calculating stamp duty.i am not able to calculate exact amount of stamp duty Please help to calculate stamp duty.
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