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Professional fees

A/c entries 2595 views 5 replies
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8 Points Posted on 04 September 2019

We have received an GST Invoice of Rs.50000 from our port custom clearing agent.

Hor to make entry for it with TDS ???

 

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On 04 September 2019 at 15:51 Report
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"Do the Right Thing...!!!"
128147 Points Posted on 04 September 2019
Is the value including GST...?
463 Reply
On 04 September 2019 at 16:13
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24 Points Posted on 04 September 2019
Journal Entry
Expenses A/C Dr.
GST ITC Receivables A/C Dr.
To TDS Deductible A/C
To Clearing Agent A/C
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On 04 September 2019 at 18:05
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8 Points Posted on 08 September 2019
Should we deduct tds in invoice entry?? Coz if we do that then how can we reconsile the account?? Can't we do saperate entry for TDS??
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On 08 September 2019 at 10:18
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8 Points Posted on 08 September 2019
Yes Sir, This 50000 is total amount of Invoice..
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On 08 September 2019 at 10:20
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Profession Business
28207 Points Posted on 16 September 2019
Pass this entry:
professional fees dr.
To A a/c
To tax liability a/c
on payment of the tax liabikity:
Tax Liability dr.
To Bank.cr.
On payment of professional fees:
A's A/c dr.
To Bank.
44 Reply
On 16 September 2019 at 07:04


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