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
3 Answers
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First entry to be:
Payment Voucher:
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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