Please answer on below journal entry

8974 views 5 replies
Recently I answered for journal entry question on professional fee payment to CA for rupees 1 lac in an interview...Bill booking entry Dr professional fees. 100000Cr CA. 90000Cr. TDS 194J. 10000For payment Dr. CA. 90000Cr Bank. 90000Is this correct?Reply would be helpful...
Replies (5)

Correct  Entry  will be 

1) Professional   Fees   A/c     Dr      100000

    To  C.A                      A/c     Cr                          90000

    To  TDS  Payable      A/c     Cr                         10000     

(Being  professional  fees  payable after deducting  TDS @ 10%  ) 

 

When  you  pay professional  fees  entry  will  be 

2)   C.A                         A/c     Dr     90000

      To Bank                  A/c     Cr                           90000

( Payment  through  Ch. no ---- dt  ) 

 

3)  TDS  payment  to GOVT  account 

     TDS  payable          A/c     Dr         10000

     To Bank                   A/c     Cr                          10000

(payment  made to Govt account  challan no   dt   )

 

            

@ kepee.,

Yes... You are Correct.
Thanks for replying...
Thanks....only third tds entry I didn’t mention ... first two I answered correctly...but still my answer can not be wrong...but was rejected in interview...so I just wanted to clear my doubt.
Yeah...
I think At the time of question You give more details that's all...


Ans :

Professional Fee Dr Rs 100000
To CA A/c - Rs 100000 Cr. is correct answer...

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