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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 / rohit kumar rai
1. IN THE BOOK OF PERSON WHO RECEIVE SERVICE.
a) AT THE TIME OF BOOKING:-
expence a/c dr-50,000
to tds a/c 1000
to party name 49000
b)AT THE TIME OF PAYMENT :-
TDS A/C DR 1000
TO BANK 1000
PARTY A/C DR 49000
TO BANK A/C 49000.
2) IN THE BOOK OF PERSON WHO PAID SERVICE TAX TO GOV.
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.
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