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What will be a entry for TDS deducted on Salaries,
Directors Remuneration and Rent.
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Answer Posted / chandra.g
if Gross salary is 121000.
Journal entry will be.
By Salary A/C Dr Rs.121000
To Salary payable A/C cr Rs.109800
To Professional tax payable A/C cr Rs. 200
To Tds on salary A/C Cr Rs. 11000
Payment entry will be.
By Salary paid A/C dr Rs.109800
To Cash/ Bank A/C cr Rs.109800
For Rent entries are as follows.
IF rent is 21000
Journal entry will be.
By Rent A/C dr Rs.21000
To Rent payable A/C cr Rs.18900
To Tds on rent A/C cr Rs. 2100
Payment entry will be.
By Rent payable A/C dr Rs.18900
To Cash/ Bank A/C cr Rs.18900
| Is This Answer Correct ? | 54 Yes | 5 No |
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