CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 07 September 2011
journal entries passed,
Rs 50000 Brokerage & commission
TDS.U\S 194 H,10%,Rs 5000.
j/n passed.....
Brokerage& Commission A/C---------------------------------------------------------Dr 50000
To TDS ON B&C (Corpotate/non)---------5000
To Party A/C-----------------------------------45000
NOTE ...PARTY A/C CREDITED FOR RS 45000.
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 07 September 2011
thanks for all suggestions,
50 , 50 opinions are there, so both entries are acceptable, but in my opinion incase of direct cash or cheque payment second option is not applicable.
sushama
(student)
(38 Points)
Replied 07 September 2011
Its better to pass the entries mentioned in 2nd option. By doing so, gross amount paid/payable will be shown in the party's a/c and what amt. of tds is deducted thereon(i.e. from party's a/c, as tds is to be deducted from party and not from commission a/c) will be clearly presented.
CA PRASHANT KR MISHRA
(AS A MEMBER IN CA FIRM)
(249 Points)
Replied 07 September 2011
THE CORECT ENTRY IS
COMMISSION A/C DR 50000
TO TDS PAYABLE 5000
TO PARTY A/C 5000
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 09 September 2011
Mr Prashant,party a/c credited by 45000.....not 5000.
HARI PRASAD
(M.COM)
(172 Points)
Replied 09 September 2011
Dears
The following entry to be passed when the transaction about TDS ON COMMISSION FOR RS 5000. here if transaction gives party names from whom TDS IS BEING deducted so ,
PARTY a/c Dr 5000
To TDS on commission payable 5000
(Being tds on commission deducted to party when payment done).
Thanks for giving an oppertunity to do the needful as best of my knowledge.
jituparmar89@gmail.com
(jituparmar89@gmail.com)
(94 Points)
Replied 09 September 2011
i agree with bhumesh......entry......
Santhosh
(Accounts Officer)
(38 Points)
Replied 15 September 2011
Conceptually Both the options are correct, but the 2nd one is preferable, where in you can easily findout on whom you have deducted the TDS
manish jain
(ACCOUNTANT)
(21 Points)
Replied 15 September 2011
sir,
I will go with mr.praveen singh(A/C Manager)
Anil.M.Saraswat
(CA-Final Student)
(62 Points)
Replied 27 September 2011
Commission A/c Dr 50000.
To party A/c 45000
To T.d.s payable a/c 5000
Shaik
( M.com,IC(W)AI - Inter)
(723 Points)
Replied 27 September 2011
| Originally posted by : ashish gupta | ||
 |
both entries are correct but i would also recommend the 2nd approach or the single entry as suggested by bhumesh |
 |
Gayathri
(s)
(24 Points)
Replied 27 September 2011
HI,
Both entries are Correct. It is better to go by the second one .
Harish
(Accountant)
(36 Points)
Replied 26 December 2011
sir,
suppose if we are raising debitnote for service charges --100
we are deducting service tax---50
total is 50
then if we are receiving payment 50
we r deducting tds on that --suppose 10
what r the entries this process
Sadasiva-B.com
(Accountant)
(26 Points)
Replied 05 January 2012
By Commission A/c Dr. 50000.00
To TDS Payable A/c 5000.00
To Party A/c 45000.00
PANKAJ KUMAR MISHRA
(Manager Accounts)
(27 Points)
Replied 14 September 2012
1) Journal Entry-
Commission A/c Dr. 50000
To Creditors A/c 45000
To Tds Payable On Commissin A/c 5000
2) Payment Entry-
Creditors A/c Dr. 45000
Tds Payable on Commission A/c 5000
To Bnak A/c 50000
CAclubindia
