hard20 pts · first answer countstdsjournal-entries

Booking a fee with TDS deducted

The company books a professional fee of ₹50,000 from a consultant and pays it, deducting TDS at 10% (assume this rate applies and no GST). What is the correct combined entry?

A.Debit Professional fees ₹45,000, credit Bank ₹45,000B.Debit Professional fees ₹50,000, credit Bank ₹50,000, and book TDS only when depositedC.Debit Professional fees ₹50,000; credit Bank ₹45,000 and TDS payable ₹5,000D.Debit Professional fees ₹50,000 and TDS receivable ₹5,000; credit Bank ₹55,000

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Booking a fee with TDS deducted

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