I received bill from shri cement how to record this bill in tally example
Commission =10,000
TDS= 1000
Penalty=100
Labour charge= 20,000
Tds=2000
Penalty=200
Uniform advance=30,000
TDs=3000
Leave bill = 10,000
TDs= 1000
Total Bill amount =70,000
Bank account SBI
TDs and penalty is paid by cement company but deduct from over bill
And how adjust advance in next month
Plz answer
In books of Shubham Trading Co
Entry for Bill Issue
Shri Cement A/c Dr 50000
To Commission Charges Income 25000
To Weightmant Charges 25000
(It is a Journal Entry in tally
Commission and Weightmant are Direct Incomes
Shri Cement is a Debtor)
Entry for Amount Received
Bank A/c Dr 49300
Penatly Exp Dr 200
TDS Receivable De 500
To Shri Cement 50000
(It is a Receipt Entry in tally
TDS Receivable is a Current Assets
Penalty is an Indirect Exp
Shri Cement is a Debtor)
Learn more about TDS Receivable here
http://teachoo.com/4198/373/Entries-During-The-Year/category/TDS-Receivable-Entries/