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urgent please

Ajay (ASS. vendor Creation and Managent ) (87 Points)

03 August 2010

Dear All

Need your Assistant ...................

I am afraid rather confused ...........How to pass entries for Tax deduct at source (TDS )

Every month we have pay the rent through cheque. so rent is 250000.

this entry is correct or not

Rent payment for the Owners.

Party name A/c dr 2,50,000.00
Bank a/c cr 219000
TDS a/c cr 31000

its Correct entry or not

After one month we have to deposite the tds on bank

tds payable a/c dr 31,000
to cash/bank a/ccr 31,000

any corrections is there kindly send the correct entries.

Thanks !!!!!!!

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14 Replies

CA B Anand (CHARTERED ACCOUNTANT) (198 Points)
Replied 03 August 2010

WHEN TDS IS DEPOSITED INTO BANK U HAVE TO PASS

TDS a/c DR

To Cash/Bank a/c. .

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CA B Anand (CHARTERED ACCOUNTANT) (198 Points)
Replied 03 August 2010

during march month the tds deducted will be paid only during month of april at that time give a provisional entry

Tds a/c dr

To Tds payable a/c

during april when u pay the tds in bank pass

Tds Payable a/c dr

to cash/bank A/c

$AcH!n G (Still Running for My Destination) (1036 Points)
Replied 03 August 2010

Rent payment for the Owners.

Party name A/c dr 2,50,000.00

Bank a/c cr 219000

TDS Payable a/c cr 31000

rest will be same

Dheeraj (Learner) (1100 Points)
Replied 03 August 2010

"Party name A/c dr 2,50,000.00
Bank a/c cr 219000
TDS a/c cr 31000

its Correct entry or not

After one month we have to deposite the tds on bank

tds payable a/c dr 31,000
to cash/bank a/ccr 31,000"

either write tds payable in first entry or tds in second entry

Harpreet (* * * * * *) (1670 Points)
Replied 03 August 2010

Agreed With Mr. Sachin G

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Ajay (ASS. vendor Creation and Managent ) (87 Points)
Replied 03 August 2010

Dear All !!!!!!!

Thank you very much for your Reply ..........................I am highly appreciated for your Prompt Response ....................

Thanks

AJAY

$AcH!n G (Still Running for My Destination) (1036 Points)
Replied 03 August 2010

For rent boking. rent a\c dr. Rs. 250000 party's name a\c cr. Rs.219000 TDS payable a\c cr. Rs. 31000 For payment to party party's name a\c dr. Rs.219000 cash\bank a\c cr. Rs. 219000 For Tds payment TDS payable a/c dr Rs. 31,000 cash/bank a/c cr Rs. 31,000

1 Like

LOKESH (Fresher) (80 Points)
Replied 03 August 2010

I also had confusion

thank you all

RADHIKA JALAN (agarwal) (1521 Points)
Replied 04 August 2010

agreed wid sachin.....

CA Hemant Kumar (CA, LLB (p), B.Com) (204 Points)
Replied 04 August 2010

Dear Ajay,

The correct entry for the above transaction will be

1. At the time of bokking expense

Rent A/c Dr. 250000

To Party A/c 219000

To TDS Payable 31000

2. Payment to party

Party A/c Dr. 219000

To Bank A/c 219000

3. Payment of TDS

TDS payable Dr. 31000

To Bank A/c 31000

This is the correct accounting and you can surely follow this.

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Bharath Mariyala (Article Student) (53 Points)
Replied 04 August 2010

Hi Ajay,

Hemanth Kumar & Sachin both are correct.

(Guest)

Originally posted by : RADHIKA JALAN
	agreed wid sachin.....

(Guest)

Originally posted by : RADHIKA JALAN
	agreed wid sachin.....

(Guest)

Originally posted by : Hemant Kumar
	Dear Ajay, The correct entry for the above transaction will be 1. At the time of bokking expense Rent A/c Dr. 250000 To Party A/c 219000 To TDS Payable 31000 2. Payment to party Party A/c Dr. 219000 To Bank A/c 219000 3. Payment of TDS TDS payable Dr. 31000 To Bank A/c 31000 This is the correct accounting and you can surely follow this.