Accounting entries for statutory compliances

This query is : Resolved

Dhanapal (Querist)
Follow

02 January 2012 Dear sir,

I want to know the exact entries for the followings:
1. If we deduct the TDS what entry to be made?
2.what are all entries to be put regarding excise Duty? (Please explain the logic too)
3.What are all the entries to be made for the Service Tax and VAT and Credit taken subsequently? (Please explain the logic beyond this entries)

Please tell me the Form name to be used for filing Service Tax, excise duty and Sales tax return?

Advance Thanks sir.

Regards,
Dhanapal.

safiuddin mondal

safiuddin mondal (Expert)
Follow

03 January 2012 1. For TDS Deduction

Creditors A/C Dr………………
To TDS Payable A/C (CL)…………………….

2. For Payment

TDS Payable A/C (CL) Dr…………………….
To, Bank/Cash

Entry Regarding Excise Duty, Cess, Service Tax and Vat

First you have to opened a ledger namely Excise duty under duties & taxes (CL)

Entry in case of sale

Customer a/C Dr…………………………….
To, Sales………………………………………..(Basic)
,, Excise Duty……………………………..(Excise amount charged in the Invoice)

Entry in case of Purchase

Purchase a/C Dr…………………………….(Basic)
Excise Duty Dr……………………………..(Excise amount charged in the Invoice)
To, Creditors

Debit Balance in the Excise Duty A/C means no duty to be paid at the end of month and Credit Balance in the Excise Duty A/C means you have to pay the balance amount as for the month.

In case of form name please clarify your business nature and state(for VAT)

Dhanapal

Dhanapal (Querist)
Follow

04 January 2012 Thank u so much sir. It helps me a lot

Upgrade to CAclubindia Pro. Subscribe Now!