if get the bill of rs.60000+service tax @10.3%.then how do
the entry in bookes

Answer Posted / ghanshyam

exp./purchase a/c dr. 66180
to creditors a/c 60000
to servoce tax paid 6000
to edu. cess 180

Is This Answer Correct ?    10 Yes 2 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement

1722


Mention the types of accounts involved in double entry book-keeping?

619


Explain different branches of accounting?

748


What methods do you use to discover sales opportunities?

601


lic (life insurance corporation)how much he or she as to deduct income tax on his gross annual salary. please give with examples

1581






Hi, in Vendor Master i put in defualt data material in purchasing group in sap. now i want to report or list only purchasing group wise vendor only like subcontractor vendor list only how to get this?

1547


cash credit taken from bank then what is the general entry?

1573


Tell About ur self what will i say plz help me

2037


Tell me why some asset accounts have a credit balance?

646


Sales tax waybill is required for how much value of invoice (for example we raise Rs.1000 bill is waybill required in andhra pradesh)

1960


Where I can Found Cost Reduction Techniques Implemented by Various cement Companies

1660


What is book profit? How it was calculated

5556


DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in haryana. The company's sales in the year ending on 31st march 2007 were Rs.1000 million(Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of the company is 14 percent.The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30 million per annum. The plant can be sold for Rs.200 million: (a) The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annum installment of interest and repayment of principal. (b) A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: (1) Should the company expand its capacity? show the computation of NPV. (2) What is the annual installment of bank loan? (3) calculate the quarterly installment of the financial institution loan. (4) should the company borrow from the bank of from the financial institution?

2574


Hi All, Can any body Explain the End to End Flow of Product Costing in SAP with Integration Point and Journal Entries Involved in the Flow ?

1498


what are the limitations of accounting ratios?

618