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Journal Entry while making Year End Provision

This query is : Resolved 

20 May 2010

Please clarify me what entry should be passed in case of Provision for Audit Fees(consider TDS also) and entry for subsequent year.

20 May 2010

Audit fees A/c Dr.
To TDS A/c
To Audit Fees Payable

(Being the provision has been made for audit fee payable to............. for the period of .........)

In subsequent year

While making payment to auditor

Audit fees payable A/c Dr.
To Bank A/c

(Being the payment made to auditor)

Rahul Gupta (Expert)
21 May 2010

Also further on payment of TDS....

TDS Payable A/c......Dr.
To Bank/CAsg A/c......Cr

Kariyappa (Expert)
21 May 2010


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