There is a Service Bill of Rs.50,000 & Service Tax added
10.30% & We have to deduct TDS @ 2%. Assume that Service
Tax Input Credit available to Ur Co. What is the Journal
Entry for this?
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Answer / nitin lunawat
1) at the time of booking Expense
Expense Ac Dr 50000
Service tax Receivable Account Dr 5150
To Party Account Cr 55150.
At the Time of Payment.
Party Ac Dr 55150
To Bank 55150
At the End of Month when Service tax Paid
Service tax Payable Dr 5150
To Service tax Receivable 5150.
| Is This Answer Correct ? | 7 Yes | 8 No |
Answer / ranjit yadav
Entry
Expense a/c Dr 50000
Service Tax Input a/c Dr 5150
To Service Tax Payable a/c 5150
To Tds a/c 1103
To Party a/c 48897
| Is This Answer Correct ? | 0 Yes | 1 No |
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