Journal Entries

This query is : Open

Aditya Sodani (Querist)
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01 October 2019 Professional fee invoice of Rs. 1 lacs plus GST @ 18% was received from ABC ltd on 25th may 2019. the same was paid on 05th June 2019? What will be journal entry for same and its effect in profit and loss account and balance sheet?

RAJA P M

RAJA P M (Expert)
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01 October 2019 Dr. professional fee - Rs 1lakh Dr. Gst tax - Rs. Xxx Cr. ABC Ltd - Rs. 1lakh + gst... Payment as ABC Ltd - Rs 1lakh + Gst dr to Bank A/c - Rs. 1lakh + gst... After paid no figures in BS. In PandL the professional fee value is there... GST Tax values in BS. If it's paid then it's also not in BS.