I have deducted the tds against advace payment on 150000 ie
3000 paid to govt, in jan month in april month i rec
300000 bill so how to adjust the previous advance tds in
this bill
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Take provision Rs.300, 000 as per vendor confirmation up to 31 March after that total bill will book in April in receptive heads and tds will deduct Rs.3000/- suppose your vendor was supplying printing Materials
31 March
Printing & Stationery Dr.300, 000.00
To Expense payable cr. 300,000.00
(Being Provision taken up to 31 March)
01 April
Expenses payable Dr. 300000.00
To Printing & Stationery Cr. 300000.00
(Being entry reversed)
April when you receive bill
Printing & Stationery Dr.300000.00
To Vendor 297000.00
To TDS on Contract 3000.00
(Bill No………….. for the Period: ……….Tds 3000/- Already deducted Jan )
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Answer / harindra sahani
1)By "A" A/c Dr. 150000/-
To, Cash/ Bank a/c 150000/-
2)By "A" A/c Dr.3000/-
To TDS a/c 3000/-
3)31/03/2011 (provission)
By Exp. Name a/c dr. 300000/-
To "A" A/c Dr. 300000/-
4) "A" a/c dr. 3000/-
To. TDS a/c 3000/-
in april
5) By "A" a/c dr. 144000/-
To, Cash / Bank a/c 144000/
| Is This Answer Correct ? | 1 Yes | 1 No |
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