Accounting entry

sushant gurav (Accountant) (396 Points)

17 February 2012  

Sir,

Can u pls tell me,

We are a contractor and we have given employed some sub contractors.

We have paid to one sub contractor an advance of Rs. 50000/-

He raised a bill on us for a some of Rs. 35000/- as labour work  and he himself shown Less: Rs.1000/- as advance deducted. =Rs34,000/-  

We deducted TDS  @ 1% of Rs. 350/-  So Net Payable is Rs. 33650/-

Now can u tell me what will be the accounting entry.

Thanks