Dear Sir, When TCS is applies and what is the treatment in books of accounts ?If we purchased a new car in the name of our company what will be shown in our company accounts while recording in tally ?
2 Replies
Prakash Gehani
(Consultant & Teacher(Whatsapp 8718057907))
(1306 Points)
Replied 08 January 2019
car dr.
tcs receivqble dr.
input gst dr.(if available)
to bank.
tcs receivqble dr.
input gst dr.(if available)
to bank.
v k s supraja
(intermediate)
(216 Points)
Replied 09 January 2019
TCS is applicable if sale value of car exceeds 10 lakhs....
journal entry:
Car a/c dr
TCS receivable a/c dr
To bank / creditor
journal entry:
Car a/c dr
TCS receivable a/c dr
To bank / creditor
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