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What is the journal entry for tds collected on a cheque of Rs
50000 paid to a consultant?

Answers were Sorted based on User's Feedback



What is the journal entry for tds collected on a cheque of Rs 50000 paid to a consultant?..

Answer / raghu.v.

if Its Total value Rs.50,000/-

Consultant Fee / Expense a/c Dr 50,000
Consultant/provider a/c Cr 45,000
TDS Payable on con fee(194J) Cr 5,000

Is This Answer Correct ?    12 Yes 2 No

What is the journal entry for tds collected on a cheque of Rs 50000 paid to a consultant?..

Answer / vishalgoel88@yahoo.com

Consultancy fees a/c dr. ... 50000
To Bank a/c ... 45000
To TDS payable a/c... 5000

Is This Answer Correct ?    1 Yes 0 No

What is the journal entry for tds collected on a cheque of Rs 50000 paid to a consultant?..

Answer / vishal

Total Value of Expense 50000/-
Entry
Consultant Fees ...dr 50000
tds on 194j a/c. ...cr 5000
To bank a/c ...cr 45000

Is This Answer Correct ?    0 Yes 4 No

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