Tds with interest entry

Please ignore posting error- Trade liability (Cr A/c) Dr 100 Other taxes ( Interest) Dr. 10 Payable Cr. 110 Payable Dr. 110 Bank. Cr. 110 Or shall i only make Tds provision on date of deduction and make interest entry when actual tds is paid??

Hi Dhwani,

I could not understand your accounting entry evn after reading mutiple time.

Debtor A/c    Dr        XXX

    To Creditor              XXX

 

Please write in this formet then will be easy for me to answer your query.

Hello Manish Vendor A/c Dr 10 Interest A/c Dr 1 To TDs payable A/c. 11 So my question is payment entry would be- TDs payable A/c Dr 11 To Bank A/c Cr. 11 Is the above correct, as payment of interest will be done separately and we cannot charge to vendor for interest?? I am confused with payment entry

Hi Dhwani,

TDS Payable     Dr  10 (This is a Liability Type Account)

Inetrest            Dr   1   (This is a expense Type Account)

    To Bank               11

 

This would be your entry.I hope you will get your anwser from this!

Thanks!