what should by the journal entries for tds payble

Answer Posted / amjad

suppose you hire a vechile for transportation of xyz. road
ways for which you pay Rs 20000 as freight

this transportation exp is liable for tds and the entries
will be

1) Transportation A/c dr 20000
To,tdx A/c 200 @ 1%
To,xyz. A/C 18800

2) Tds A/c dr 200
To,Tds payable 200

When making paymene

Tds payable A/c dr 200
To, Bank/Cash

Is This Answer Correct ?    18 Yes 4 No



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