Hello Friends, In the FY 2021-22, we have forget to book TCS on sale in invoice for one of our client, we have paid the TCS in the year FY 2022-23 and now wish to raise the TCS debit note to the client, in this case what accounting entry has to be passed for rectifying in the books of accounts for the Year 21-22 and year 22-23.
3 Replies
Prakash Gupta
(6 Points)
Replied 30 March 2023
Dear Bhavesh as per my limited knowledge:
TCS booking:
Party Dr.
TCS Cr.
TCS payment:
TCS Dr.
Bank Cr.
as the Party will not be able to take the credit of TCS,
For writing off the balance:
Misc.expenses Dr.
to Party
TCS booking:
Party Dr.
TCS Cr.
TCS payment:
TCS Dr.
Bank Cr.
as the Party will not be able to take the credit of TCS,
For writing off the balance:
Misc.expenses Dr.
to Party
Bhavesh
(Accounts)
(158 Points)
Replied 30 March 2023
Hello Prakash, my question is what entry one should be passed if the TCS has not been booked, but paid TCS in the next FY, in this case FY 22-23.
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