Please help, with some a/c treatments and entries

Originally posted by : Prashant Joshi
	Guys i am upgrading with finance module, so currently brushing with accounts (I studied some years ago) please help as i am not sure with my answers. Will post some more questions.. Thanks in Advance.. 1) ABC Company has a received a bill amounting to Rs 24,000 towards Audit Fees from M/s Rao and CA firm (Bill Date is 15/10/2011)? Amount is to be paid after 2 months.  As per income tax act 10% TDS has to be deducted. So what journal entry will be passed at the time bill booking   2) ABC Company has purchased RM goods worth Rs 1,12,000 including Vat 12,000 from the supplier PQR Ltd at 60% credit and 40% in cash payment. So what accounting entry will be passed for all the above transactions?   3) ABC Company has Sold goods worth Rs 5,00,000 Basic value, Excise Duty – Rs. 50,000 and Vat – Rs 22,000 to the customer XYZ Ltd at 90% credit and 10% in Cash.. So what accounting entry will be passed for all the above transactions?

1)Audit fee/expenses dr   24000

     To MS RAO                             22600

      To TDS payable(194j)          2400

or(my preference)

audit fee/ expenses Dr 24000

 MS Rao                      Dr 2400

          To Ms Rao            cr            24000       

           To TDS PAyable cr             2400  

2)

   purchase ac Dr  100000

   vat ac Dr               12000

        To PQR Ltd CR            67200

        To cash A/c CR           44800             

(if vat input is not available then vat can be added to purchase a/C)

3) Cash A/c Dr 57200

     Xyz ltd A/c Dr 514800

             To sales cr                           500000

              To excise duty payable cr 50000

              To vat payable cr                22000

Originally posted by : Prashant Joshi
	Guys i am upgrading with finance module, so currently brushing with accounts (I studied some years ago) please help as i am not sure with my answers. Will post some more questions.. Thanks in Advance.. 1) ABC Company has a received a bill amounting to Rs 24,000 towards Audit Fees from M/s Rao and CA firm (Bill Date is 15/10/2011)? Amount is to be paid after 2 months.  As per income tax act 10% TDS has to be deducted. So what journal entry will be passed at the time bill booking   2) ABC Company has purchased RM goods worth Rs 1,12,000 including Vat 12,000 from the supplier PQR Ltd at 60% credit and 40% in cash payment. So what accounting entry will be passed for all the above transactions?   3) ABC Company has Sold goods worth Rs 5,00,000 Basic value, Excise Duty – Rs. 50,000 and Vat – Rs 22,000 to the customer XYZ Ltd at 90% credit and 10% in Cash.. So what accounting entry will be passed for all the above transactions?

1)Audit fee/expenses dr   24000

     To MS RAO                             22600

      To TDS payable(194j)          2400

or(my preference)

audit fee/ expenses Dr 24000

 MS Rao                      Dr 2400

          To Ms Rao            cr            24000       

           To TDS PAyable cr             2400  

2)

   purchase ac Dr  100000

   vat ac Dr               12000

        To PQR Ltd CR            67200

        To cash A/c CR           44800             

(if vat input is not available then vat can be added to purchase a/C)

3) Cash A/c Dr 57200

     Xyz ltd A/c Dr 514800

             To sales cr                           500000

              To excise duty payable cr 50000

              To vat payable cr                22000

Originally posted by : Prashant Joshi
	Guys i am upgrading with finance module, so currently brushing with accounts (I studied some years ago) please help as i am not sure with my answers. Will post some more questions.. Thanks in Advance.. 1) ABC Company has a received a bill amounting to Rs 24,000 towards Audit Fees from M/s Rao and CA firm (Bill Date is 15/10/2011)? Amount is to be paid after 2 months.  As per income tax act 10% TDS has to be deducted. So what journal entry will be passed at the time bill booking   2) ABC Company has purchased RM goods worth Rs 1,12,000 including Vat 12,000 from the supplier PQR Ltd at 60% credit and 40% in cash payment. So what accounting entry will be passed for all the above transactions?   3) ABC Company has Sold goods worth Rs 5,00,000 Basic value, Excise Duty – Rs. 50,000 and Vat – Rs 22,000 to the customer XYZ Ltd at 90% credit and 10% in Cash.. So what accounting entry will be passed for all the above transactions?

1)Audit fee/expenses dr   24000

     To MS RAO                             22600

      To TDS payable(194j)          2400

or(my preference)

audit fee/ expenses Dr 24000

 MS Rao                      Dr 2400

          To Ms Rao            cr            24000       

           To TDS PAyable cr             2400  

2)

   purchase ac Dr  100000

   vat ac Dr               12000

        To PQR Ltd CR            67200

        To cash A/c CR           44800             

(if vat input is not available then vat can be added to purchase a/C)

3) Cash A/c Dr 57200

     Xyz ltd A/c Dr 514800

             To sales cr                           500000

              To excise duty payable cr 50000

              To vat payable cr                22000

Dear Prashant,

Entries was the correct as done by the Jean.

Gud work Jean...

Thanks a lot jean...

Will post some more questions :)