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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 Posted / vaishali pawaskar
J.V entry pass
professonal fees Ac........ Dr 50000
Service tax Receivable Account Dr 5150
To Party Account Cr 54047.
TO TDS on prof fees cr 1103
At the Time of Payment of TDS
TDS on prof fees........dr 1103
to cash /bank a/c 1103
At the Time of Payment of creditor
Party Ac Dr.......... 54047
To Bank 54047
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