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
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
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.
Message likes :
1 times
14 June 2013
Yes both the entries are correct and I agree with the expert
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