urgent please

TDS 1096 views 14 replies

Ajay

ASS. vendor Creation and Managent

87 Points Joined February 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 !!!!!!!

Replies (14)

CA B Anand

CHARTERED ACCOUNTANT

198 Points Joined September 2009

WHEN TDS IS DEPOSITED INTO BANK U HAVE TO PASS

TDS a/c DR

To Cash/Bank a/c. .

CA B Anand

CHARTERED ACCOUNTANT

198 Points Joined September 2009

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 Joined April 2008

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 Joined February 2009

"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 Joined March 2008

Agreed With Mr. Sachin G

Ajay

ASS. vendor Creation and Managent

87 Points Joined February 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 Joined April 2008

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

LOKESH

Fresher

80 Points Joined December 2009

I also had confusion

thank you all

RADHIKA JALAN

agarwal

1521 Points Joined December 2009

agreed wid sachin.....

CA Hemant Kumar

CA LLB (p) B.Com

204 Points Joined July 2009

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.

Bharath Mariyala

Article Student

53 Points Joined December 2008

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.