My firm recieved rent from a other company rs.245000 in a bank and Company deduct tds on rent rs.24500
(This data show in 26as)
My Question is that
how i treated this entry in my books of accounts?
Reply Quickly..
As Your simple understanding
Journal :
Dr. Rent A/c - Rs. 245000
Cr. Landlord A/c - Rs. 245000
Dr. Landlord A/c - Rs. 24500
Cr. TDS payable A/c - 24500
Payment :
Dr. TDS payable A/c - 24500
Cr Bank A/c A/c - Rs. 24500
Dr. Landlord A/c - Rs. 220500
Cr. Bank A/c - Rs. 220500
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