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What is the entry for payment made to the distributor after
deducting TDS and adjusting the credit note raised by them.
For Ex: actual amount to pay rs.1000
TDS deducted rs.200
credit note of rs.500
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Answer Posted / pravin pawar
First Credit Entry
1) DR XXX ( Expenses Debit ) -Rs.1000/-.
CR party name -Rs.1000/-.
2) Credit Not Issued by them
Dr party name -Rs.500/-.
Cr XXX ( Expenses ) -Rs.500/-.
3) Now Payment
Dr party name - Rs.500/-.
CR TDS Deducted (or)Payable -Rs.100/-.
CR Cash or Bank -Rs.400/-.
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