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how to record journal entry for tds on salary on quarterly
basis?
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Answer Posted / mrutyunjaya
salary A/C dr.30300/-
Tds A/c Cr. 300/-
Salary Payable A/C 30000/-
(Being the salary for the month ofxxxx & tds deducted @1% on
salary)
At the time of Payment
Salary Payable A/C Dr.30000/-
bank/Cash A/c Cr. 30000/-
( Being cash paid to Mr. xxxxx for the month of xxxx)
at the time tds amount deposit in bank
Tds A/C Dr. 300/-
Bank A/C Cr.300/-
( Being tds Deposit in bank vide challan no xxxxx)
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