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how to record journal entry for tds on salary on quarterly
basis?
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Answer Posted / atul parit
1 Salry a/c ..Dr 30000
To TDS a/c 5000
To Salary payable a/c
25000
( Due entry)
2 TDS ..A/c ……..Dr 5000
Salary payable a/c Dr 25000
` To Bank A/c 30000
( Payment entry)
| Is This Answer Correct ? | 320 Yes | 39 No |
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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
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