I have deducted tds Rs.1000 & paid Rs.9000/- to the Party of Total bill raised by party was 10000/-.
But i made following journal entry :-
1) party Dr.
to bank a/c----------for payment
2) Tds payable
to party A/c ------------For Tds deducted
3) bank ac Dr.
to tds payable-------------when paid to Gov.
is it correct. ?
As i have only paid Rs.9000/- to the party it is showing 1000/- Cr balance how to adjust it & how to pass journal entry for it.
Pls guide its very urgent
First entry to be:
Dr. Party with Rs.10,000 (Amt. paid Rs.9000, TDS Rs.1000)
Cr. TDS A/c with Rs.1000 (Directly credit the amount to TDS A/c insted of TDS payable)
Cr. Bank A/c with Rs.9000
In this case TDS A/c shown a credit balance of Rs.1000 and that will get adjusted when you actually pay the TDS.
Next payment voucher when you pay the TDS:
Dr. TDS A/c with Rs.1000
Cr. Bank A/c with Rs.1000
I will pass the above entries if I am in your position.
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She will say, brava Elaine. Well done. This journal entry expresses a concept all can relate and connect with. Yes, the Ocean can be used as a metaphor for love. It's a constant, even with its tides that ebb and flow. Such is life.
The only reason I ever left Colorado was because it didn't have an ocean. The ocean is the birthplace of all. The salinity of seawater matches our blood. It is always our home. You and I differ on only one thing, I see the ocean as Mother, great and powerful; life giving and secret keeping. The ocean is the perfect metaphor for many things, but especially for love. I think your Teacher will be, as I am, much impressed.