Tds


28 May 2017 Hi

we are paying every month rent deducting 10% TDS rent is Rs.40000/- TDS is Rs.4000/- and payment Rs.36000/- pm as rent where to show this TDS amount in Profit and loss a./c are in balance sheet.

i am confuse of

profit and loss a/c debit side
Balance Sheet liabilities side

Thanking you

Kumar

29 May 2017 Journal Entry for your transaction will be: Rent A/c Dr 40000 To Party A/c 36000 To TDS Payable A/c 4000 Hence full rent will go to profit and loss account and TDS payable if any o/s on balance sheet date will be shown on liability side. Hope this solves your query.

29 May 2017 Entry for this is Rent A/c To TDS Payable To Bank TDS Payable To Bank Second entry passed on payment of TDS Rent will go to P&L. Any Balance in TDS a/c(Deduct but not deposit) is shown in Liability Side of Balance Sheet.


29 May 2017 TDS deducted and payment made through online and received form 16, where that form 16 amount to be put, means in balance sheet or profit and loss a/c



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