Entry for tds

KHUSHHALL (ACCOUNTS EXECUTIVE) (27 Points)

30 July 2011

A CLIENT DEDUCED T.D.S @ 2% ON RS.505080. AND WE PASSED A ENTRY FOR THIS

1) PARTY A/C DR. 515181

TO PROFESSIONAL INCOME CR.515181

2) TDS REFUNDABLE DR. 10101

TO PARTY A/C CR. 10101

3) BANK A/C DR.505080

TO PARTY A/C CR.505080

IS THIS ENTRY IS RIGHT ?

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2 Replies

priyanka singh (priyankaom123@gmail.com) (96 Points)
Replied 30 July 2011

Originally posted by : KHUSHHALL
	A CLIENT DEDUCED T.D.S @ 2% ON 505080. AND WE PASSED A ENTRY FOR THIS 1) PARTY A/C DR. 515181 TO PROFESSIONAL INCOME CR.515181 2) TDS REFUNDABLE DR. 10101 TO PARTY A/C CR. 10101 3) BANK A/C DR.505080 TO PARTY A/C CR.505080 IS THIS ENTRY IS RIGHT ?

yes the entry is correct....we can also merge the first two entries and make the entry to be passed once.........

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 30 July 2011

Originally posted by : KHUSHHALL
	A CLIENT DEDUCED T.D.S @ 2% ON Rs. 505080. AND WE PASSED A ENTRY FOR THIS 1) PARTY A/C DR. 515181 TO PROFESSIONAL INCOME CR.515181 2) TDS REFUNDABLE DR. 10101 TO PARTY A/C CR. 10101 3) BANK A/C DR.505080 TO PARTY A/C CR.505080 IS THIS ENTRY IS RIGHT ?