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how to pass an entry for expenditure by deducting tds for
customer

Answer Posted / jayashri

Shreyash & Co.A/c Dr 50000
To TDS A/C Cr. 1000
To Bank A/c Cr. 49000

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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10

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