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What accounting Treatment we should do while we received
Amount Rs 39200 After deducting Tds 800 From Invoice Amount
40000. Kindly also explain for deducting Tds should be
booked under which Head of Tally.
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Answer Posted / jashwin
Bank A/c Dr 39200
Tds A/c Dr 800
To Party 40000
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Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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