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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 / hiren vakta
1. Journal Entry
Professional Fees Dr.30000.00
To ABC & Co 27000.00
To TDS on P&T Fees 2700.00
(being jv toward professional fees toward ABC & Co as
per bill no.010 dtd.01/04/2010 attached herewith for FY
2010-11)
2. Bank Payment
ABC & Co Dr.27000.00
To Bank A/c 27000.00
3. Bank Payment
TDS on P&T Fees Dr.3000.00
To Bank A/c 3000.00
Note: Cess & SHEC is been removed on TDS for all w.e.f
01.07.2009.
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