medium10 pts · first answer countstdsjournal-entries

Customer pays after deducting TDS

A company issues an invoice of ₹1,00,000 (ignore GST). The customer deducts TDS of ₹10,000 and pays ₹90,000. What entry does the company pass on receiving the money?

A.Debit Bank ₹90,000, credit Customer ₹90,000, and leave ₹10,000 outstandingB.Debit Bank ₹90,000 and Bad debts ₹10,000, credit Customer ₹1,00,000C.Debit Bank ₹90,000 and TDS receivable ₹10,000, credit Customer ₹1,00,000D.Debit Bank ₹1,00,000, credit Customer ₹1,00,000

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Customer pays after deducting TDS

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