Paid trade License fees for a proprietorship company. What is the entry?
5 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 20 August 2021
Debit license fee (or registration charges) and credit Bank/cash account
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 20 August 2021
Licence fee a/c dr
to Bank a/c
to Bank a/c
prasad Nilugal
( GST Practitioner & Accounts )
(14809 Points)
Replied 20 August 2021
GST applicable on license fees , so you have to debit. input CGST and SGST .
prasad Nilugal
( GST Practitioner & Accounts )
(14809 Points)
Replied 21 August 2021
I mean to say GST applicable on License fees so entry will be
License Fees A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
( License fees Paid )
Nidhi
(Chief Accountant)
(3150 Points)
Replied 21 August 2021
License Fees A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
Input CGST A/c Dr
Input SGST A/c Dr
To Bank A/c Cr
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