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Question 
What is the entry for payment made to the distributor after 
deducting TDS and adjusting the credit note raised by them.

For Ex: actual amount to pay rs.1000
        TDS deducted rs.200
        credit note of rs.500
 Question Submitted By :: Savithri Natarajan
I also faced this Question!!     Rank Answer Posted By  
 
  Re: What is the entry for payment made to the distributor after deducting TDS and adjusting the credit note raised by them. For Ex: actual amount to pay rs.1000 TDS deducted rs.200 credit note of rs.500
Answer
# 1		 
Hai Here u go!!!

First Credit Entry
1) DR XXX ( Expenses Debit ) -Rs.1000/-.
   CR party name             -Rs.1000/-.

2) Credit Not Issued by them
   Dr party name      -Rs.500/-.
   Cr XXX ( Expenses )  -Rs.500/-.

3) Now Payment
   Dr party name  - Rs.500/-.
   CR TDS Deducted (or)Payable  -Rs.200/-.
   CR Cash or Bank              -Rs.300/-.
 
Is This Answer Correct ?    1 Yes 0 No
Rajesh
 

 
 
 
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