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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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Answer Posted / 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
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