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Answer Posted / k. phalguna rao
Ex. X is a Contractor he submitted his bill for Rs. 25000.0
for masion work
for first entry is
Masion work a/c dr 25000
To X A/c 25000
after we make payment to him
X A/c Dr. 500.00
To TDS on X A/c 500.00
(Being 2% deducted as TDS on sub contract works for Rs.
25,000.00)
X A/c Dr. 24,500.00
To Bank A/c 24,500.00
(Being balance amount paid after deducting TDS)
TDS on X A/c Dr. 500.00
To Bank A/c 500.00
(Being TDS amount paid to Govt. on due date on behalf of
Mr. X)
| Is This Answer Correct ? | 125 Yes | 18 No |
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