Accounting Questions and Answers
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1 :: Who owns the general ledger?

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2 :: Where should TDS received should show in balance sheet?

Assets Side: Advance In-Come Tax Ledger in current year
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3 :: What is the TDS effect in balance sheet if TDS receipts?

In Assets Side: Advance In-Come-Tax A/c Dr with TDS received Amount and Party A/c Cr with TDS received Amount
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4 :: What are the golden rules of accounting?


Debit the receiver

Credit the Giver


Debit what comes in

Credit what goes out


Debit all expenses and losses

Credit all income and gains
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5 :: Can I take service tax on freight outward?

Yes, you can take tax on freight outward. Because you are paid freight inclusive of service, tax so you can full credit availed on any expenditure where you paying service tax amount.
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