Journal entry for audit fees

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bhavani (Querist)
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20 March 2012 hi friends
I need ur valuable advise.

One of my colleague in my office, passed a journal entry in tally for audit fees payable by debiting audit fees account and crediting Mahesh & associates (Audit firm) A/c. He has grouped audit firm under sundry creditors so that it has reflected in aging report. My view is that the Journal entry should be as follows:
Audit fees a/c Dr.
To Audit fees payable A/c.

Kindly let me know which is correct.
Thanks in advance

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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20 March 2012 Bhavani your view is correct no need to mention the name of the auditor's or their firm name however it would be in narration. So your view is correct. However your friend entry is also not wrong but he has to classify it under the group of current liabilities.
OM SAI SRI SAI JAI JAI SAI

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