1. Sale Entry is passed Out
Customer A/C Dr 100.00
To Sales A/C 100.00
Now the customer Pays the Amount
Bank A/C Dr 80
TDS A/C Dr 20
To Customer A/C - 100 (cr)
After u Receive the Certificate from the Customer
Tax A/C Dr 20
To TDS A/C 20
Why We are making the Above entry is that in this account u might have booked all the TDS Recoverable from Parties., and ur yet to get certificates for all the deductions/ if not you have to get back the payment for TDS Amount.
So based on the above if the customer issues the certificate after verifying the Tax credit account u will pass the entry at any given point of time u might come to know how much Certiticate u r yet to receive
CAclubindia
