what is the entry for expenses provisions like (audit fees , telephone bill )
provisional entries
(Guest)
12 Replies
kaushik
(CA)
(74 Points)
Replied 13 February 2010
Hi
audit fees , telephone bill Dr
to Prov for Audit fees,prov for expenses Cr
Later the provision can be reversed
or
Payement can be made thru the prov account
CA Harish Suwalka
(Chartered Accountant ( Bhilwara ))
(4125 Points)
Replied 13 February 2010
at the time of provision
Expences a/c(nominal a/c) DR
to Expences payble a/c(provision)
(with the amout of provision )
next year at the time of payment
Expences payble a/c Dr.
to cash/bank
AHAMED. B
(3 'C' - Final)
(273 Points)
Replied 15 February 2010
Audit Fees/Telephone Expenses A/c Dr.
To Outstanding Liabilities (or) Respective Expenses Payable A/c
First!!!!
(student)
(162 Points)
Replied 15 February 2010
Expense A/c....Dr (i.e. telephone, audit fees,etc.) (p&l A/c)
To Provision for Expenses A/c (current outstanding liabilities in B/S)
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 03 March 2010
While making Provision for Audit Fee - TDS to be considered.
purushotham
(Article)
(55 Points)
Replied 27 April 2012
Rent Payable A/c Dr To Prov for Rent.
the above entry is correct??????.
kindly clarify.
if not pls pass the provisional entry for Rent.....!!!!!
Dhiraj Kumar
(4 Points)
Replied 19 February 2024
Audit Fees A/c Dr.......... 10000 Rupees
To 194J Professional tds 10% Cr............ 1000
To Provisional for Audit Fees Cr............9000
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 19 February 2024
Technical fee at 2%
Professional fee at 10%
Google taxadda or clear tax for further info.
Journals world be like
Dr expense
Cr. Fee payable
Cr. Tds payable
https://cleartax.in/s/tds-rate-chart
Puneet Mittal
(Sr. Officer Accounts)
(212 Points)
Replied 24 February 2024
Expense on provision basis.
Expense a/c Dr.
To Provision for expnses
if vendor is confirmed and tds is applicable than second entry
Vendor Dr.
To TDS Payable a/c (as per nature of expense like prof 194J, contractor 194C)
when the actual expense will book no requirement of TDS deduction.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 24 February 2024
no tds applicable here. All tds 194j treshold is 30k
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 24 February 2024
Hi can someone please explain me this:
I was calculating DTA/DTL on depreciation from SLM & WDV. The formula in the text book is saying
SLM-WDM=Temporary difference
Then (Temporary difference* Tax rate*-1) why -1? because of this -1, all positive temporary differences are becoming DTL's and all negative temporary differences are becoming DTA's
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