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Answer Posted / bheem singh
When we received any contract then entry will be
Party A/c Dr
TDS A/c Dr
To Income A/c Cr.
Here when we receive the amount TDS amount will not be
credited it will be adjusted at the time of payment of
income tax.
When we give the contract then entry will be
Expense A/c Dr
To Party A/c Cr.
To TDS A/c Cr.
At the time of Payment entry will be
Party A/c Dr.
TDS A/c Dr.
To Cash/Bank..
Then Both Party A/c and TDS A/c will be closed.
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