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Categories >> Accounting >> Accounting AllOther


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 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 1
In the Books of Payer

for Ex. if TDS on Rent

Rent A/c Dr. 10,000.00
To Bank/ cash 8000.00
To TDS on Rent 2000.00

In the Books of Payee

Bank/ Cash A/c Dr 8,000.00
TDS Receivables A/c Dr 2,000.00
To Rent Received 10,000.00
Is This Answer Correct ?    47 Yes 10 No
Intezar Ahmed
# 2
suppose expense is rent rs 20000 and tds is rs 2000
and parties are ram and shyam.

in the books of payer/deducter

(1).rent a/c dr. 20000
to tds payable a/c 2000
to Ram's a/c 18000

(being the payment due)

(2) Ram's a/c dr.18000
tds payable a/c dr.2000
to bank a/c 20000

(being the payment made)
Is This Answer Correct ?    31 Yes 3 No
Mahesh Giri
# 3
in the hand of deducter or payer the entry is

sundry creditor a/c....dr
to tds a/c
to bank a/c

in the hand of deductee or payee

tds a/c......dr
to bank

Is This Answer Correct ?    45 Yes 23 No
# 4
Payment to contractor
For Ex. Amount paid Rs 50000 to Contractor Named
Mr. ABC & Co.

ABC & Co A/c Dr 50000

To Bank A/c 49000

To TDS A/c 1000
Is This Answer Correct ?    25 Yes 5 No
Yash Sharma
# 5
Deductor - Mr. A
Deductee - Mr. X
Say for Rent
Rent Amt = 20000
TDS Rate = 10% (say)
TDS Amt = 2000

"Entries in the books of Deductor":
1) Rent A/c......Dr 20000
To Mr. X A/c 18000
To TDS A/c 2000
(Rent Payable)

2) TDS A/c.......Dr 2000
To Bank A/c 2000
(TDS Deposited)

"Entries in the books of Deductee":
1) Mr. A A/c ....Dr 18000
TDS A/c ......Dr 2000
To Rent A/c 20000
(Rent Receivable)

2) Bank A/c......Dr 18000
To Mr. A A/c 18000
(Rent Amount Received, Net of TDS)
Is This Answer Correct ?    21 Yes 2 No
# 6
In the Books of Payer on Contract work

Contract work a/c Dr
To Sundry Creditor a/c

Sundry Creditor a/c Dr
To TDS a/c

Sundry Creditor a/c Dr
To Cash/ Bank a/c

TDS a/c Dr
To Cash/ Bank a/c

In The Books of Payee on Contract amount Received

Sundry Debtor a/c Dr
To Contract Charges a/c

TDS a/c Dr
To Sundry Debtor a/c

Cash/ Bank a/c Dr
To Sundry Debtor a/c
Is This Answer Correct ?    6 Yes 0 No
Rajesh V
# 7
Is This Answer Correct ?    6 Yes 0 No
Yogesh Lokhande
# 8
Is This Answer Correct ?    6 Yes 9 No
Mohini Jain
# 9
payment to contractor

In the Book of deductor
Rabindra &co A/c 60000

To Bank 54000
To Tds A/c 6000

In the Book Of deductee
Bank/Cash A/c Dr 54000
Tds A/c Dr 6000

To Tds Received 60000
Is This Answer Correct ?    12 Yes 34 No
Rabindra Ku.nayak

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