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how to pass the journal entry for tds dedcted on commission
receivable
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Answer Posted / srikanth
When the Commission received and TDS wad Deducted then we
have to pass the journal entry as
TDS Receivable A/c Dr
To Commission Received.
But in the case of Commission Receivable, we have to made a
provision of Commission Receivable and the then TDS to be
adjusted.Entry will be passed like as...
1. Commission Receivable A/c DR
To Commission
(Being Provision made for Commission Receivable)
2. When the Commission received, the Following entry to be
passed.
TDS Receivable A/C Dr
To Commission Receivable.
(Being Commission Received and TDS to be Received)
| Is This Answer Correct ? | 32 Yes | 5 No |
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