Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2011
Dear Experts,
A Co. pays towards consolidated bill raised by a consultant as under:
Professional charges 10000
Add: Conveyance chg 3000
total: 13000
Payment is made after 10% tds u/s 194J.
Company passes the Journal entry as:
Prof chrg dr... 10000
Convey. dr... 3000
To bank 11700
To tds payable 1300
Is the journal correct?
Thnx in advance
A Co. pays towards consolidated bill raised by a consultant as under:
Professional charges 10000
Add: Conveyance chg 3000
total: 13000
Payment is made after 10% tds u/s 194J.
Company passes the Journal entry as:
Prof chrg dr... 10000
Convey. dr... 3000
To bank 11700
To tds payable 1300
Is the journal correct?
Thnx in advance
25 January 2011
Entry should be:
Professional Charges A/c Dr Rs 13000
To Bank A/c 11700
To TDS Payable A/c 1300
Professional Charges A/c Dr Rs 13000
To Bank A/c 11700
To TDS Payable A/c 1300
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