Please pass the journal entries for the following transactions relating to the project ABC took place during
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Question:
Please pass the journal entries for the following transactions relating to the project ABC took place during February Account these transactions in NPR
a Income received from FCDO GBP
b Salary paid to Project Manager for NPR after deducting tax Rs and SSF Rs for the month.
c House rent Rs which was paid after deducting tax as per prevailing tax laws.
d Payment released to a consultant who provided baseline study service for Rs inclusive of VAT.
e Funds released to Project partner for NPR through bank.
f The Project Officer requested to settle the previous advance for workshop. The expenditure for the workshop was NPR and she returned the balance cash for NPR
g Tax on house rent paid to Inland Revenue Office via bank account.
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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