Job work bill and debit note - accounting entry -reg

M.Shanmugasundaram (Accounts) (234 Points)

04 April 2017  

Dear Sir,

We need to pay Job Work Bill Amount Rs.70,000 to Individual Contractor after deducting Rate Difference Rs.10,000/-.

Final Net Amount Rs.60,000 we need to pay.

 

Bill Booking Entry

1) Dr : Job work Account Rs.70,000

    Cr : Contractor Account Rs.70,000

Debit Note Entry for Rate Difference

2) Dr: Contractor Account Rs.10,000

   Cr: Job Work Account Rs.10,000

TDS Entry

3)  Dr: Contractor Account Rs.600

     Cr: TDS 1% Payable Rs.600

Payment Entry

4)  Dr: Contractor Account Rs.59,400

     Cr: Bank Account Rs.59400

 

All the above Entries and values are correct ?

Please check the above entries and reply me.

 

Regards,

M.Shanmugasundaram