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I have received 75000/- as retainership fees from ABC company but they
have deducted TDs 10% and send me 67500/- my question is that what
entry i have to pass in my books please help me
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Answer / yogendra.c
In Your Books (Receiver)
------------------------
1.Provision Entry:
ABC Company A/d Dr. - 75,000
To, Retainership Fees A/c - 75,000
2.Receipt Entry:
Bank A/c Dr. - 67,500
TDS A/c Dr. - 7,500
To, ABC Company Account. - 75,000
3. Books Closing Entry:
Retainership Account Dr. 75,000
To, Profit & Loss A/c 75,000
In the Books of ABC Company Limited
-----------------------------------
1.Provision Entry:
Retainership Fees A/C Dr. - 75,000
To, TDS Payable A/c - 7,500
To, Retainership Fees Payable A/c - 67,500
2. Payment Entry:
Retainersihp Payable A/c Dr. 67,500
TDS Payable A/c Dr. 7,500
To, Bank Account - 75,000
3. Closing Books Entry:
Profit & Loss Account Dr. 75,000
to Retainership Account. 75,000
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / imran shaikh
ABC Company A/c Dr : 75000
To Cash/Bank 67500
To TDS A/c 7500
| Is This Answer Correct ? | 9 Yes | 5 No |
When earning is due
ABC co DR 67500
TDS DR 7500
Retainership fees CR 75000
When Received
Retainership fees DR 67500
ABC co CR 67500
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / r kavitha
Retainership fees - Rs. 75000 Dr Cr Tds Rs. 7500/- Bank - Rs.
67500/-
| Is This Answer Correct ? | 1 Yes | 2 No |
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