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Categories >> Accounting >> Accounting AllOther
 


 

 
Question
Professional fees of Rs.30000/- is paid to a consultant ABC 
& Co.
please pass the necessary entry for the same 
 Question Submitted By :: Accounting AllOther
  I also faced this Question!!      
Answer Posted By  
 Answers were Sorted based on User's Feedback
Answer
# 1
Professional fees A/c Dr. 30,000
To ABC & Co. 26,910
To TDS on Professional 3,090
(Being provision for professional fee due)

ABC & Co. Dr. 26,910
To Bank A/c 26,910
(Being professional charges paid) 

Is This Answer Correct ?    66 Yes 8 No
vipin tyagi
 
Answer
# 2
Professional fees A/c Dr. 30000/-
To ABC & Co.A/c 26601/-
To TDS on Professional 3399/-

(Being Expencess book for Professionl Services TDs
30000@11.33%)

ABC & Co. A/c. Dr. 26601/-
To Cash/Bank A/c. 26601/-

( Being Bank/Cash Paid to ABC & Co.) 

Is This Answer Correct ?    12 Yes 2 No
umesh tayal
 
 
Answer
# 3
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 ?    11 Yes 1 No
vipin tyagi
 
Answer
# 4
1) By professional fees 30,000/-
To abc & co. 30000/-
2) by Abc & co. 30000/-
to tds on proff. fees 3090/-
to bank / cash a/c. 26910/-
(so the payment made to abc & co. is rs. 26910/- only)

3) by tds on proff. fees 3090/-
to bank / cash a/c. 3090/-
(this amount is paid to govt. thru' nationalised bank
with reference to abc&co.'s PAN Card no.)

I think this the correct entry for the above transaction.
if anyone found it is false. then tell me the correct ans.

Jsri. 

Is This Answer Correct ?    11 Yes 4 No
sri
 
Answer
# 5
Professional Expenses A/c Dr.30000/-
To ABC & Co. Cr.26910/-
To TDS Deducted on Profession Fees Cr.3090/-
(Being bill received from ABC Co. For Professional Charges &
TDS Deducted @10.30% i.e 3091/-)

Payment Enrtry

ABC & Co Dr.26910/-
to Bank & Cash A/c Cr.26910/-
(Being cash & chq. paid to ABC & Co.) 

Is This Answer Correct ?    6 Yes 1 No
kailash
 
Answer
# 6
PROFFESSINAL Fee DR. 30000
TO ABC&CO. 26910
TO TDS a/c(10+3)% 3090
(provision created for profesional fee and TDS deducted)

ABC & co. Dr 26,910
To Bank 26,910
(Professional fee paid to ABC & Co.) 

Is This Answer Correct ?    6 Yes 2 No
srinivas reddy
 
Answer
# 7
Professional charges A/C Dr 30,000.00
To TDS On Professional/Technical charges 3,090.00
To bank 26,910.00
(Being the professional charges paid to ABC & Co after
deducting TDS on professional / technical charges @ 10.30%
now accounted ) 

Is This Answer Correct ?    5 Yes 1 No
ashok l k , fca, aicwa,fcs
 
Answer
# 8
1- Journal entry
Professional Fee DR 30000.00
To Tds Paybale 3090.00
To ABC & Co 26910.00
(Being Professional fee payable)

Payments-
2- Tds Payble a/c Dr 3090
To Bank A/c 3090
( Being tds deposit)

3- Abc & Co Dr 26910
To bank a/c 26910
( Being Amount paid to Abc & Co.) 

Is This Answer Correct ?    4 Yes 1 No
mahendra
 
Answer
# 9
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
 
Answer
# 10
Professional Fees A/C Dr 30,000
To ABC&Co 30,000
(Being Provision for Professional Fees)

ABC&Co A/C Dr 30,000
to BAnk A/C 30,000
(Being actual payment For Pro. Fees) 

Is This Answer Correct ?    24 Yes 22 No
abhay gujarathi
 

 
 
 
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