What is the journal entry for paying 50000 rs. To xyz co.
For professional fees after deducting tds on that.
Answer Posted / nagachandra pattar
Proff.Fees A/c Dr 50000
To XYZ CO A/c 50000
XYZ Co A/c Dr 5000
To TDS Payble A/c 5000
XYZ Co A/c Dr 45000
TDS Payble A/c Dr 5000
To Cash/Bank A/c 50000
(Being Cash paid to Party 45000 & TDS paid
to I Tax Dept 5000)
Is This Answer Correct ? | 11 Yes | 6 No |
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Tax Invoice: Client had settled Rs. 5,25,000/- {after deducting TDS @ 10% from base/gross amount and then added (+) Service Tax Amount (15%)} which equals to Rs. 525000/- (Settled Amount by Client). Please let me know what will be gross amount and total invoice amount including Service Tax????
how to pass entry in tally for Interest received on sweep credited to saving a/c? In what group it should be come
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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