We know that Sales Entry is of Form

Entry for Sales
Party Dr 100000
To Sales 100000


Amount Received
Bank Dr 100000
To Party 100000

In this case,TCS will be Credited in entry which happens first

Example
Case 1
Suppose A makes Sale of 100000 to B on 10 June
Amount received by A from B on 16 July
Pass Entry

View Answer
  1. Accounts and Finance
  2. Accounts with Taxes

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .