CBSE Class 11-commerce Answered
legal consulation fee of Rs10,000 paid in cash
Asked by puneetchauhan351 | 07 Jun, 2019, 11:26: AM
Expert Answer
Any amount incurred for the purpose of carrying on business is termed as an expense for the business and therefore, debited to the Profit & Loss Account. Since, cash is paid against such expense, cash account has to be credited. Journal entry to be passed is as follows:
Legal Consultation Fees A/c ...Dr.
To Cash A/c
(Being cash paid for legal consultation charges)
Profit & Loss A/c ...Dr.
To Legal Consultation Fees A/c
(Being the amount of expense transferred to the Profit & Loss Account)
Answered by Surabhi Gawade | 07 Jun, 2019, 02:37: PM
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