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Journal Entry

28 July 2020

What will be the provision entry of Rent with tds deduction of 31st march'20 and journal entry of paying same bill in July'20

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3 Replies

Krishna Shah (65 Points)
Replied 28 July 2020

On 31st march- Rent a/c Dr
To Tds A/c
To party A/c

on july -. party A/c Dr.
To Bank A/c

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anmol vashisht (53 Points)
Replied 28 July 2020

1) rent a/c dr.
to party a/c
2) party a/c dr.
to tds payable a/c
3) on July = party a/c dr.
to cash/bank a/c
4) desposit tds = tds payable a/c dr.
to bank a/c

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 28 July 2020

Provisional entry on 31st March :
Rent Expense A/c Dr
..To TDS Payable A/c
..To Party A/c

On july, when payment made to party :
Party A/c Dr.
..To Bank A/c

When TDS Paid :
TDS Payable A/c Dr.
..To Bank A/c

1 Like