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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
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 of creditor &
Party Ac............... Dr 55150
To Bank cr.................54047
To TDS on prof fees cr.........1103
Service tax Payable............. Dr 5150
To Service tax Receivable ... 5150.
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