Dear sir/ Madam,
I have pvt ltd co. My account has passed only payment entry in pay. do we have to post JV also.
Pl. advice with ledger creation group and posting.
Regard,
Rajeev
2 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 26 April 2021
Yes, JV (or Purchase) entry would make life easy even to deduct tax at source wherever applicable.
1) Provision/Expense accounting*
Rent Dr
To Creditor
To TDS
2) Payment of rent:
Creditor Dr
To Bank
3) Payment of TDS:
TDS
To Bank
*Add GST wherever applicable
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