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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 Posted / 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 |
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