What is the journal entry for paying 50000 rs. To xyz co.
For professional fees after deducting tds on that.
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Answer Posted / samir roy
professional fees A/C Dr. 50000/-
to XYZ Co 50000/-
XYZ A/C Dr. 5000/-
to TDS of P. Fees 5000/-
XYZ Co A/c Dr. 45000/-
to CASH/ BANK 45000/-
| Is This Answer Correct ? | 39 Yes | 10 No |
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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