pandusubbu Started The Discussion:
every month we have pay the rent through cheque. so rent is 250000.
this entry is correct or not
Rent payment for the Owners.
Party name A/c dr 2,50,000.00
Bank a/c cr 225000
TDS a/c cr 25000
its Correct entry or not
After one month we have to deposite the tds on bank
tds payable a/c dr 25,000
to cash/bank a/ccr 25,000
any corrections is there kindly send the correct entries.
Thanks & Regards,
Entry could be made as follows
Debit..........Rents and Taxes A/c.......................................Rs 125000
Credit Mr X being the rent due Rs 125000
Credit TDS Payable a/c............................................ Rs 12500
Debit Mr X being the TDS on rent Rs 112500
Debit Mr X rent paid Rs 112500
Credit Bank amt drawn for rent payment Rs 112500
Debit TDS payable a/c Rs 112500
Credit Bank being amt drawn for TDS payment Rs 112500
Before passing these enteries, first pass this JV entry Rental expenses Dr. Rs. 250000.00 To Party A/c Cr.
Rent A/C -Dr. 250,000
To Rent Payable A/c 225,000
To TDS Payable A/c 25,000
(Being rent due at the end of month a/c for & TDS deducted @ 10%)
Rent Payable A/c-Dr.
To bank A/c
(Being rent due now paid)
TDS Payable A/c-Dr.
To Bank A/c
(Being TDS deducted on rent now paid to Govt.)
The Correct Entry is as follows to track individual Ledger Accounts efficiently:
1) Dr Rent ( Expenses ) - 250000
Cr Tds on Rent Payable - 25000
Cr Vendor A/c - 225000
2) Making TDS Payment:
Dr TDS on Rent Payable - 25000
Cr Bank/Cash A/c - 25000
3) Making Payment to Vendor/landlord
Dr Vendor A/c - 225000
Cr Bank/Cash A/c - 225000
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