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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2826)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4368)
Question
TDS ENTRIES IN THE HANDS OF PAYER & PAYEE
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 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 ?    50 Yes 10 No
Intezar Ahmed
 
Answer
# 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 ?    34 Yes 3 No
Mahesh Giri
 
 
 
Answer
# 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 24 No
Burhan
 
Answer
# 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 6 No
Yash Sharma
 
Answer
# 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
Vrushali
 
Answer
# 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 ?    7 Yes 0 No
Rajesh V
 
Answer
# 7
Yes 
Is This Answer Correct ?    6 Yes 0 No
Yogesh Lokhande
 
Answer
# 8
RABINDRA&CO DR 54000
TDS A/C DR 6000
TO BANK A/C
 
Is This Answer Correct ?    0 Yes 0 No
Sunit
 
Answer
# 9
6000 
Is This Answer Correct ?    6 Yes 9 No
Mohini Jain
 
Answer
# 10
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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