why is TDS treated as an asset while preparing Balance
sheet.
- 4 Answers
- 46740 Views
- I also Faced
- E-Mail Answers
Answer Posted / soundararaju
During the financial year TDS deducted by the customers
should be debited to Advance tax a/c ( Under Asset group )
and the same may be adjusted against their income tax
payable amount in the subsquent financial year
example (Vide Receipt )
Bank / Cash a/c DR
Advance Tax a/c DR ( TDS Portion )
Customer a/c CR
Subsquent year ( thro' journal )
Income tax a/c DR
Advance tax a/c CR
| Is This Answer Correct ? | 13 Yes | 11 No |
Post New Answer View All Answers
What type of questions in accouting point of respect they ask genrally plz help me find out this.
What is payment/receipt/period accruals?
INTE3RNATIONAL ACCOUNTING STD
Short Answer on ___________Finance Bill
A sample book on interviews is ready for free circulation with 7 chapters i.e Journal entries helpful for various occassions,Terminology,Abbreviations,Test your terminology,Multiple answers, Fill in blanks and Income tax send your requisition for Free Book Immediately to satyaki_raju@yahoo.co.in
what is Sums on Finalization of Accounts?
Define control account Thanks
Is advance paid wages has credit balance?
what is the core accounts
What is dematerialisation and its benefits?
paid two years rent N1200, bought Motor van for cash N3000
diffrence between the profit center and business area
Upto what age PF will be deducted for an employee? And what age he is eligible to gratuity?
We can add the no. of increase in shares due to exercise of the options.Why diluted eps is calculated separatey?
What is the basic difference between pledge, hypothication and mortgage????
