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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 / nagachandra pattar
Proff.Fees A/c Dr 50000
To XYZ CO A/c 50000
XYZ Co A/c Dr 5000
To TDS Payble A/c 5000
XYZ Co A/c Dr 45000
TDS Payble A/c Dr 5000
To Cash/Bank A/c 50000
(Being Cash paid to Party 45000 & TDS paid
to I Tax Dept 5000)
| Is This Answer Correct ? | 11 Yes | 6 No |
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