What should be the entry passed for TDS deduction by the
Company and tds deducted on the Company?
Can tds refund on FD foreclosure be adjusted aganist the
tds deducted on the Company?
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Answer / koyi
Tally software entry
XYZ Company 10000
TDS Deducted -1000
Bank 9000
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / om
AT Time of Deduction of Tds by the Party
Entry will be
Party 10000
TO Professional fees 10000 ( Directincome)
Tds 1000
cash 9000
To party 10000
AT time of deducting tds
Professionl fees 10000
TO Party 10000
party 10000
To Tds 1000
To Cash 9000
Depositing tds\
Tds 1000
To cash 1000
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / om
AT Time of Deduction of Tds by the Party
Entry will be
Party 10000
TO Professional fees 10000 ( Directincome)
Tds 1000
cash 9000
To party 10000
AT time of deducting tds
Professionl fees 10000
TO Party 10000
party 10000
To Tds 1000
To Cash 9000
Depositing tds\
Tds 1000
To cash 1000
| Is This Answer Correct ? | 5 Yes | 2 No |
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2 Answers State Bank Of India SBI,
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1. A firm buys stock for $100 by cheque and intends to sell it for $200, so the double entry should be a) Debit bank $100 and credit stock $ 100 b) Credit bank $ 200 and debit stock $ 200 c) Debit purchases $100 and credit sales $ 200 d) Debit purchases $ 100 and credit bank $ 100
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