accounting entries for expenses...

Vishwa (CA Job) (87 Points)

07 April 2008  

Hi friends ,

Querry:

Incurred expenses of Rs206758/- on 01.10.2007 for three years.Rs 38417 (for 6 months) for current years and Rs 192083 (01.04.2008 to 30.09.2010) for next years. TDS dedt Rs 23742(10.30% on Rs 206758)

Journal entry passed :        

expenses dr 38417 ; prepatd expenses dr 192083  and credited party Rs 206758 and credited tds on expenses Rs 23742

But the payment made by issuing 30 post dated chqs of Rs 6891.95 ( net of TDS / 30 months ).So 6 chqs total Rs 41351.70 ( for 1.10.08 to 31.03.2008 ) debited to our bank account  till 31.03.2008. Remaining chques issued are with the party.

Pls send  the journal entry at the end for the same?Please tell me the whether it is a outstanding / prepaid expenses as on 31.03.2008?Extract of Balance sheet on 31.03.2008.