I have received 75000 as retainer ship fees from ABC company what was the jour

I have received 75000 as retainer ship fees from ABC company what was the
journal entry I have to pass in my books

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I have received 75000 as retainer ship fees from ABC company what was the journal entry I have to ..

Answer / spv@bsl

While raising the bill you have to Dr to ABC Co. and Cr. to
your receipt account

while receiving the fee against above bill Receipt account
(income) a/c Dr and Credit to ABC co.

Income a/c Dr
To ABC Co Cr

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I have received 75000 as retainer ship fees from ABC company what was the journal entry I have to ..

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