Pass a entry for the Contract receipts of Rs. 20000 after
deduction of mobilization adv 30%, TDS 2.244%,Works
Contract TDS 2% and retention money @ 10%
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Answer Posted / ajay vinayak
1) First book the contract in journal by following entry:
MObilization adv dr. 6000
TDS dr. 449
wct dr. 400
retention money dr. 2000
party/dr. 11151
contract receipt 20000 cr.
2) At the time of receiving money:
Bank A/C.....dr.11151
to Party A /c 11151
| Is This Answer Correct ? | 5 Yes | 4 No |
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