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why is TDS treated as an asset while preparing Balance
sheet.
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Answer Posted / h.s.sarda
there are two part of tds. first is we deducted & deposited
in bank its our liabalities. When we sales labour charges
or etc. then party deducted from tds on our behalf. it is
our current asset. we should setoff from income tax payable
a/c. so we treated as an asset.
| Is This Answer Correct ? | 82 Yes | 11 No |
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The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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