what do you mean by tds
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Answer / madhukarnimbalkar
tds is revenue of any state government which is deducted
from parties who is liable as per income tax SUCH AS PAYMENT
OF CONTRACT & SUB-CONTRACT @ OF 2% AND LEGAL N PROFESSIONAL
SERVICE @ OF 10% ETC. the meanig of tds is TAX DEDUCTION AT
SOURCE
| Is This Answer Correct ? | 3 Yes | 1 No |
Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.
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