Please help me in this entries
Pass accounting entries for the following transaction in the books of XYZ company.
A rendered professional service to company XYZ and sent an invoice dated 01/01/2016 for Rs 1,00,000/- + service tax
Q1. Pass journal entry for the invoice received considering the service tax and TDS.
Q2. Payment was made on 01/02/2016 by cheque. Pass payment entry.
- 1 Answers
- 1766 Views
- R D Traders, I also Faced
- E-Mail Answers
Answer / Lav Mishra
Q1: The journal entry would be:nDebit Service Expense (Rs 1,00,000)nCredit Accounts Receivable (Rs 1,00,000)nDebit Service Tax Payable (Service Tax amount)nCredit Service Tax Liability Account (Service Tax amount)nnQ2: The payment entry would be:nDebit Accounts Receivable (Rs 1,00,000)nCredit Bank (Amount paid by cheque)
| Is This Answer Correct ? | 0 Yes | 0 No |
if goods purchased from x company for rs1000 in credit,out of that 10% given discount for us what is the entry in tally?
how to adding entries in tally complete new company
Please tell me what is the journal entry of closing balance ?
India me ,suppose that hmare pass 190000 Rs hai,to kitna tax lgega,or kis heshab se lgega,
List out things that fall under intangible asset?
why journal entry are necessary
What is the difference between the service organisation and trading organisation
"i have received half of the salary in advance and another half in the end of month" what will be the journal entry for this?
What is the difference between capital expenditure & revenue expenditure
What is the general classification of accounts that usually ledger account involve?
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 Calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
Meaning of tax invoice
Audit 
