Can anybody explain me entry for TDS receivable with example
Answer Posted / h.r. sreepada bhagi
Example above is good. Note one correction : In the books of
Mr. B, Mr. A's A/c should be debited on payment. In the
entry since the parties' a/cs are debited/credited on
payment, it's implied that Rental Income / Expense has been
accounted earlier to payment. In that case TDS should also
have been accounted then. Following are the entries in teh
books of Mr.A :
On booking the income (TDS amount not @ 2% + Cess)
B's A/c Dr. Rs.99000/-
TDS Receivable/Advance IT A/c Dr. Rs. 1000/-
Rental Income A/c Cr. Rs.100000/-
On receipt of money from B :
Bank A/c Dr. Rs.99000/-
B's A/c Cr. Rs.99000/-
Is This Answer Correct ? | 45 Yes | 12 No |
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