What is the journal entry for paying 50000 rs. To xyz co.
For professional fees after deducting tds on that.
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Answer Posted / soyab
professional Fees A/c Dr 50000
TO TDS Payable 50000
To XYZ Company 45000
XYX Company A/c Dr 45000
To Cash / Bank Ac 45000
TDS Payable XYZ Comapny DR 5000
To Cash / Bank A/c 5000
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