Accounting entries when TDS is deducted
| Particulars | Accounting Entry |
|---|---|
| – At the end of month the provision- | Salary A/c Dr. 3,10,000 To Salary Payable A/c 2,50,000 To ESI Payable A/c 12,000 To PF Payable A/c 28,000 To TDS payable on Salary A/c 20,000 (Being provision of salary made at the end of month) |
How do I pass a journal entry for income tax?
When you remit the tax payment to the government, record the payment in your general ledger. Use debits and credits to show you paid the taxes: Debit your Income Tax Expense account. Credit your Cash account.
When proprietor pays income tax is debited in the journal entry?
In case of a sole proprietor, tax expenditure is not an expense since such an expenditure is not incurred with respect to generation of sales. During the payment of income tax, following entry is journalised: Income Tax A/C Dr. Such expenditure is treated as drawings and regarded as a personal nature expenditure.
How did easy4u2 journal entries question and answer?
Business started with cash in Hand Rs. 5,00,000, Nabil Bank Balance Rs. 40,0000, Citizen Bank Balance Rs. 1,00,000 And Loan From Nepal Rastra Bank Rs. 2,00,000. Goods purchased from Ganesh Traders of Rs. 30,000 on Credit. Goods Sold to Him star Enterprises Pvt. Ltd. Of Rs. 30,000 & Cash received Rs. 16,000.
When do you post journal entries to a ledger?
During the month of January 2011 the following transactions took place: Record journal entries for the transactions and post them to ledgers. Note that in most accounting questions you won’t have to account for “Cash on hand” and “Bank” in separate accounts.
How to answer the basic journal entry question?
Basic Journal Entries Question Basic Accounting Journal Entries Exercise Journal Entries and Ledger Question and Answer T-Accounts, Journal Entry and Trial Balance Question Click here for more Full Accounting Questions and Answers Comments for Journal Entry Question and Answer Click here to add your own comments
What was the transaction in the month of January?
The following transactions took place in the month of January:Jan. 2 Negotiated a loan from Sunrise Bank for an amount of Rs. 30,000 which was granted at an interest of 12% per annum payable monthly. He paid Rs. 20,000 by cheque as rent advance to his landlord for the premises of the business covering period of 10 years.
