Accounting entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 Our CA(DKP & Assts.) raised a bill for Legal & Professional Services provided by him during the year 2012-2013 on 31.03.2013. Now which entry shall I pass:
Legal & Professional Charges A/c DR
To TDS(Professional)A/C CR
To DKP & Assts A/C CR

or

Legal & Professional Charges A/C DR
To TDS(Professional)A/C CR
TO Legal & Professional Chrges payable A/C CR

Please Help

Thanking You

N.J.R

N.J.R (Expert)
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04 May 2013 Both methods r correct. However, maintaining partywise payable is always a better option particularly in case of multiple prof services used like for audit, for vat, for ser tax. If u maintain single legal & prog fees payable a/c for multiple professionals then u'll not get a/c balance of particular party & a/c becomes hotchpotch.

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