A is vendor of B. B owes him 50000/-. A asked B to conduct
an event on his behalf and the expenses incurred by B was
25000/-. A issued a credit note in favour of B in full ,
stating that TDS done @10% on 25000/-. Now , B has to settle
A's balance.
1.Entries in the books of B
2.How much B repaid to A for settlement and the Entry in his
books.
- 5 Answers
- 5326 Views
- CTPL, I also Faced
- E-Mail Answers
Answer Posted / sourabh dudeja
Dr Cr
Expenses 25000
To Bank 25000
Dr Cr
A a/c Dr 25000
TDS a/c cr 2500
To Bank a/c 22500
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Define dual aspect term in accounting?
What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?
HI I AM WORKING IN A INTERIOR DESIGNING COMPANY.WE ACTUALLY GET PROJECTS FROM CLIENTS & WE SUBCONTRACT THE WORK WE USUALLY SUBCONTRACTS THE SUPPLY OF LABOUR & SUPPLY OF MATEIALS TO SUBCONTRACTORS.WE DONT HAVE LABOURS OF OUR OWN & ALSO PRODUCTION OF MATERIALS.HOW CAN I TREAT THIS IN TALLY IS THERE ANY OPTION AVAILABLE IN TALLY FOR SUBCONTRACTING OR SHALL I ENTER THE NAME OF SUBCONTRACTORS AS SUNDRY CREDITORS AS WE DO USUALLY IN TALLY.PLEASE DO LET ME KNOW ABOUT THIS 0554125475 IS MY NUMBER
Private purchases amounting to rs 5000 have been debited to purchases account
How do you prepare mis reports?
What is tds and how it is calculated?
In which condition a vendor raise excise invoice & what are the effect of excise invoice on client ?
Cheque rs 1400 received from Charles in settlement of a debit of rs 1500 returned dishonored
what is bank aceleted?
examole of cash to cash contra entry
as muthoot finance is a finance co,so what would be pattern of asking in relation to finance and a/c question?will it be basic or general or it would be market related situation?plz if help me anybody...
in tally ,professional fees head will come under which income group ,direct or indirect if the business of owner is designing work or related to creativity
What software applications have your used for accounts receivable?
What is the Project Accounting in case of Real Estate or Construction Co`s ?
Define scrap value in accounting?
