What is the journal entry for rent paid, how to applicable service tax and tds
GSVSK (Accountant) (31 Points)
02 November 2016
Tell me the journal entry for rent paid
4 Replies
sai kumar
(Student CA Final )
(113 Points)
Replied 02 November 2016
rent paid
to cash/bank
p&l
to rent paid.
to cash/bank
p&l
to rent paid.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 02 November 2016
Further, if you are availing input service credit, split rent into rent a/c and input service account a/c
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 02 November 2016
Rent paid account Dr
Service tax (input ) Dr
to bank account
to TDS account
(being rent paid after deduction of TDS)
TDS account Dr
To bank account
(on deposit of TDS with CG)
Profit and loss account Dr
To rent paid account
( transfer to profit and loss account )
Jeet Biswas
(ACMA (in Service))
(5073 Points)
Replied 02 November 2016
Practically, the credit is given to a Payable A/c. The Rental expenses should be booked (Dr.) as & when the rent becomes due (AS 1) depending upon the agreement.
The Payable should be knocked off (Dr.) as & when the cheque is drawn.
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