Bansi Shah (-) (68 Points)
29 March 2014Please help me to solve below Query.
Our Business is about Trading of Immovable Property. We have sold building of Rs 6200000/- . and received Cheque of 6200000 and TDS is paid by purchaser party and we gave a cheque of rs 62000/- to purchaser party. Then In Sale Ledger What Amount Should be taken 6200000/- or 6138000(6800000-68000). Please Help me to give proper Accounting Treatment.
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 29 March 2014
Dear Sir
Sale amount will come as 62 lakhs and TDS deducted will be booked under TDS A.Y 2014-15.
I hope answer is clear.
Regards
Bansi Shah
(-)
(68 Points)
Replied 29 March 2014
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 29 March 2014
Bank a/c Dr 61.38lakhs
TDS A.Y Dr. 0.68 lakhs (make it under current assets )
Party Name Cr 62.00 lakhs
(Being amount recived on sale of building )
Bansi Shah
(-)
(68 Points)
Replied 29 March 2014
1. Invoicing
Debtor/Purchaser Dr. 62,00,000
To Sale value in advance A/c 62,00,000
(Being invoice raised for installment received)
2. On receipt of consideration:-
Bank A/c Dr. 62,00,000
To Debtor/Purchaser 62,00,000
(Being receipt accounted)
3. On issue of cheque for TDS amount:-
TDS Receivable A/c Dr. 62,000
To Bank A/c 62,000
(Being TDS amount refunded to customer & corresponding credit taken)
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