ALLInterview.com :: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Google
   
 
Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2783)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4354)
Question
Professional fees of Rs.30000/- is paid to a consultant ABC 
& Co.
please pass the necessary entry for the same 
 Question Submitted By :: Guest
I also faced this Question!!     Rank Answer Posted By  
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 31
1. Journal Entry

Professional Fees Dr.30000.00
To ABC & Co 27000.00
To TDS on P&T Fees 2700.00
(being jv toward professional fees toward ABC & Co as
per bill no.010 dtd.01/04/2010 attached herewith for FY
2010-11)

2. Bank Payment

ABC & Co Dr.27000.00
To Bank A/c 27000.00

3. Bank Payment

TDS on P&T Fees Dr.3000.00
To Bank A/c 3000.00

Note: Cess & SHEC is been removed on TDS for all w.e.f
01.07.2009.
 
Is This Answer Correct ?    9 Yes 8 No
Hiren Vakta
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 32
Professional Fees Dr. 30000
To ABC & co. 27000
To TDS on Professional(10%) 3000

(Being amount of professional consultancy charges payable
to M/s ABC & Co.)

ABC & co. Dr. 27000
To Bank A/c 27000

(Being amount of professional consultancy charges paid to
M/s ABC & co.)
 
Is This Answer Correct ?    9 Yes 1 No
Vipin Tyagi
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 33
Professional fees a/c 40000
to xyz 35880
to tds on professional fees 4120
 
Is This Answer Correct ?    3 Yes 3 No
Amit Shelar
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 34
Professional Fees A/c.... dr 300000
to ABC & CO cr. 26910
to tds on Professional fees 3090
 
Is This Answer Correct ?    3 Yes 0 No
Amit Shelar
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 35
Professional fees a/c Dr. 30000
To Consultant ABC & Co. 30000

Consultant ABC & Co. Dr. 30000
To Bank 30000
Note. 1. No TDS Deduction is Required If amount paid in
respect of professioal fess Rs 30000 or less But If amount
paid to a profesional exceeding 75000 during the year then
TDS deduction is required @ 10% Under sec 194J of Income
Tax Act,1961. 2. If a payment exceeding 20000 is made in
cash it is disallowed U/S 40(a).
 
Is This Answer Correct ?    2 Yes 2 No
Ca Aakash Gupta
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 36
proffessional fees a/c .....dr 30000
to abc & co 30000
(Being provision for the proffeessional chrges)

consultant abc A/c .........dr 30000
to bank a/c 27000
to tds on prof fees 3000
(being paid proffessional chrges with tds @10%)
 
Is This Answer Correct ?    2 Yes 0 No
Vaishali Pawaskar
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 37
Professional Fees Dr. Rs 30000
To A B C Consultant Company 27000
To T.D.S. Payable 3000

A B C Consultant Company dr 27000
To Bank 27000
 
Is This Answer Correct ?    2 Yes 0 No
Aakash
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 38
PROFESSINAL FEE A/C DR.30000
SERVICE TAX A/C(12.36%) DR 3708
TDS PAYABLE A/C CR.3371
ABC & CO. A/C CR30337
 
Is This Answer Correct ?    4 Yes 1 No
R.s.mehra
 
  Re: Professional fees of Rs.30000/- is paid to a consultant ABC & Co. please pass the necessary entry for the same
Answer
# 39
Professional Fees A/c Dr Rs.30000
To ABC & Co. Rs. 30000
(Being Professional Fees to ABC & CO

ABC & Co Dr Rs.30000
To Bank /Cash A/c Rs.30000
(Being Cash/ Bank paid to ABC & Co.)

There is no question of TDS - because if it is a single entry for the whole FY 12-13.

IF IT IS A CONTINUOUS SERVICE TDS IS APPLICABLE THAT MEANS IF IT EXCEEDS MORE THAN RS.30000 FOR THE FY 12-13 TDS TO BE DEDUCTED OTHERWISE NO NEED.
 
Is This Answer Correct ?    1 Yes 2 No
Bharathi
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
what is capital expenditure   3
what is balace sheet?? genpact 7
BY WHOME THE BANK RECONSILIATION STATEMENT IS PREPARED Capital-IQ 44
what is Bank Reconciliation? EDS 2
Expand ________GDP   1
Which one is best to company either debt or equity? Capital-IQ 13
in BRS. cash book and pass book has Dr. side and Cr. side If we issued a cheque where we have to show that amount in both.   3
EXPAND______________RWS   1
Expand ------MEF   1
equity RRDonnelley 4
Expand C T C   4
what is debtors?   9
 
For more Accounting AllOther Interview Questions Click Here 
 
 
 
 
 


   
Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
   
Copyright 2013  ALLInterview.com.  All Rights Reserved.

ALLInterview.com   ::  KalAajKal.com