Journal entry for audit fees
This query is : Resolved
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
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
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
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
