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Can anybody explain me entry for TDS receivable with example
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Answer Posted / crazy fundas
A provides a Cab Service to B an Individual so he can
account this Revenue only when the service is provided
(Earned Revenue) otherwise any payment received is an
advance. So Supposedly the service is executed ofr 1 month.
In A's Books (he will recognise Revenue as follows)
B's Account Debit Rs.99000/- (Creation of Debtors for
receivable)
TDS A/c Debit Rs.1000/- (Create current Asset for TDS
Certificate receivable from Buyer)
To
Sales A/c Rs.100000/- (Sales)
In B's Books
when the service is provided and claimed for he will pass
entry as follows
At the time of Expense Booking (Accrual)
Rental Expenses A/c Dr Rs.100000/-
To A's A/c Cr. Rs.99000/-
To TDS Payable A/c Cr. 1000/-
At the time of making payment to A
A's Account Dr. 99000/-
To Cash/Bank A/c Cr. 99000/-
At the time of making TDS payments to Govt.
TDS Payable A/c Dr. 1000/-
To Bank A/c Cr. 1000/-
B gives TDS Certificate to A which A can adjust against his
Taxable Income in simplest terms.
| Is This Answer Correct ? | 23 Yes | 4 No |
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