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Please answer on below journal entry

Krupa P (study cs) (61 Points)

02 May 2019

Recently I answered for journal entry question on professional fee payment to CA for rupees 1 lac in an interview...Bill booking entry Dr professional fees. 100000Cr CA. 90000Cr. TDS 194J. 10000For payment Dr. CA. 90000Cr Bank. 90000Is this correct?Reply would be helpful...

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5 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 02 May 2019

Correct Entry will be

1) Professional Fees A/c Dr 100000

To C.A A/c Cr 90000

To TDS Payable A/c Cr 10000

(Being professional fees payable after deducting TDS @ 10% )

When you pay professional fees entry will be

2) C.A A/c Dr 90000

To Bank A/c Cr 90000

( Payment through Ch. no ---- dt )

3) TDS payment to GOVT account

TDS payable A/c Dr 10000

To Bank A/c Cr 10000

(payment made to Govt account challan no dt )

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 02 May 2019

@ kepee.,

Yes... You are Correct.

Krupa P (study cs) (61 Points)
Replied 02 May 2019

Thanks for replying...

Krupa P (study cs) (61 Points)
Replied 02 May 2019

Thanks....only third tds entry I didn’t mention ... first two I answered correctly...but still my answer can not be wrong...but was rejected in interview...so I just wanted to clear my doubt.

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 02 May 2019

Yeah...
I think At the time of question You give more details that's all...

Ans :

Professional Fee Dr Rs 100000
To CA A/c - Rs 100000 Cr. is correct answer...

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