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Professional fees of Rs.30000/- is paid to a consultant ABC
& Co.
please pass the necessary entry for the same
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Answer / vipin tyagi
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 ? | 170 Yes | 54 No |
Answer / vipin tyagi
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 ? | 97 Yes | 8 No |
Answer / kailash
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 ? | 16 Yes | 9 No |
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 ? | 14 Yes | 7 No |
Answer / aakash
Professional Fees Dr. Rs 30000
To A B C Consultant Company 27000
To T.D.S. Payable 3000
A B C Consultant Company dr 27000
To Bank 27000
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / umesh tayal
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 ? | 18 Yes | 15 No |
Answer / ashok l k , fca, aicwa,fcs
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 ? | 7 Yes | 4 No |
Answer / r.s.mehra
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 ? | 13 Yes | 10 No |
Answer / sri
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 ? | 13 Yes | 11 No |
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 ? | 10 Yes | 8 No |
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