Dear all
I am using tally 9
i give invoice for companies paying rent
I am A
Company B
A gives invoice for the rent Rs.10000
B gives me cheque only for Rs.8300
B deduct the the TDS and pay the amount
How can i give the receipt to B
if i give the receipt for 10000 means bank acount is in problem
Please help me to do in tally9
Bank A/c Dr 8300
TDS paid A/c Dr 1700
To Mr. "B" A/c. 10000
Note: at the time IT filing you have to collect the TDS certificate from Mr. B and submit in Dept.
how to do it in tally
pls step by step guide
Dear Arumuga,
You have to just give invoice of Rs. 10,000 only. You have to pass the entry as suggested by Mr. L. KANAGARAJ...
BUT collect TDS certificate from party of Rs. 1700 after the financial year end.
Go to tally...
use receipet voucher...
pass accounting entry..
Bank A/C Dr (under current assest grouping) Rs. 8300
TDS paid FY 08-09 A/C Dr. (under current assest grouping) Rs. 1700
To Rent Account A/C Cr. (under groupinng income) Rs. 10000
For this you have to create all the three ledgers if not created in Tally yet..
I hope you are satisfied now.
i create three ledgers
i put the invoice as sales
I give the receipt for Rs. 10000
where i want to credit tds paid account
Dear Member
Ledger To be created
Sales - Under Sales Account
Company B - Under Sundry Creditor
Tds On Rent - Under Current Assets
Bank A/c
Transactions
Sales
Dr Company B - Rs. 10000.00
Cr Sales A/c - Rs. 10000.00
Receipt (In Receipt Press F12 and Disable Single Entry Mode.)
Dr Bank A/c 8300.00
Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party
Cr Company B - Rs. 10000.00
Here YOur bank account is debited by rs. 8300/- only.
Dont Worry This WIll Resolve your problem
rgds
achal.
| Originally posted by :Arumuga Nainar | ||
| " | i create three ledgers i put the invoice as sales I give the receipt for Rs. 10000 where i want to credit tds paid account |
" |
| Originally posted by :Arumuga Nainar | ||
| " | how to do it in tally pls step by step guide |
" |
Dear Member
Ledger To be created
Sales - Under Sales Account
Company B - Under Sundry Creditor
Tds On Rent - Under Current Assets
Bank A/c
Transactions
Sales
Dr Company B - Rs. 10000.00
Cr Sales A/c - Rs. 10000.00
Receipt (In Receipt Press F12 and Disable Single Entry Mode.)
Dr Bank A/c 8300.00
Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party
Cr Company B - Rs. 10000.00
Here YOur bank account is debited by rs. 8300/- only.
Dont Worry This WIll Resolve your problem
rgds
achal.
| Originally posted by :sangeeta | ||
| " | Originally posted by :Arumuga Nainar " how to do it in tally pls step by step guide " |
" |
Dear Member
Ledger To be created
Sales - Under Sales Account
Company B - Under Sundry Creditor
Tds On Rent - Under Current Assets
Bank A/c
Transactions
Sales
Dr Company B - Rs. 10000.00
Cr Sales A/c - Rs. 10000.00
Receipt (In Receipt Press F12 and Disable Single Entry Mode.)
Dr Bank A/c 8300.00
Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party
Cr Company B - Rs. 10000.00
Here YOur bank account is debited by rs. 8300/- only.
Dont Worry This WIll Resolve your problem
rgds
achal.
| Originally posted by :sangeeta | ||
| " | Originally posted by :Arumuga Nainar " how to do it in tally pls step by step guide " |
" |
create three ledgers
i put the invoice as sales
I give the receipt for Rs. 10000
where i want to credit tds paid account
thnx
________
All the members
Firstly U must think about accounting system adopted , than only entries can be passed. there r 2 types of systems 1) is Mercantile 2) is Cash System. For TDS Receivable & Rent U can pass entries in following manner. If U follow Cash System : time of Actual Rent Receipts.
Debit Bank 8300
Debit TDS 1700
Credit Rent. 10000
In case U follow Mercantile System
Debit Party 10000
Credit Rent 10000
and time of Payments
Debit Bank 8300
Debit TDS 1700
Credit Party 10000
Just for information Rent is forming the part of Indirect Income not under group the Sales, Since Sales is forming the part of Direct Income. Raising the invoice is different matter. Now as days because of servicetax , it has to be raised. For further detail can call me
surana, Chennai
9952967237
Ms. Achal
Just I want correct your grouping. 1) Rent Receipts under Indirect Income 2) Company B for Rent Receivable under Sundry Debtors not Sundry Creditors but appropiate Group for Rent Receivable and for TDS Receiable should be - Loans & Advances under Group Current Assets. Pl do write me if I m wrong.and for Entries for Receipt Vr. Simly U can Use F6 and for Rent Receiable U can pass in Journal F7. Need not to be confused with F12.
how to do TDS entry in tally when deducted by Bank on Interest on FD
Example: Interest - 3573 and TDS 357
then how do entry in Tally please tell me.....
CAclubindia
