Paid trade License fees for a proprietorship company. What is the entry?
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Trade License payment entry
Replies (5)
Quick Summary
Debit license fee (or registration charges) and credit Bank/cash account
Licence fee a/c dr
to Bank a/c
to Bank a/c
GST applicable on license fees , so you have to debit. input CGST and SGST .
I mean to say GST applicable on License fees so entry will be
License Fees A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
( License fees Paid )
License Fees A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
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