Entry problem urgent..
This query is : Resolved
27 July 2011
FRNDS PLS HELP
ONE OF MY FRND IS LIABLE TO PAY SERVICE TAX...
WHEN HE PAYS HIS TELEPHONE BILLS
ASSUME
BILL AMT = 1000
+ SER.TAX = 103
TOTAL DUE 1103
NOW WHAT SHUD BE THE ACCOUNTING ENTRY?/
IS IT
TELEPHONE EXP DR. 1000
SER. TAX DR. 103
TO VODAFONE 1103
& THEN
VODAFONE DR. 1103
TO BANK 1103
ONE OF MY FRND IS LIABLE TO PAY SERVICE TAX...
WHEN HE PAYS HIS TELEPHONE BILLS
ASSUME
BILL AMT = 1000
+ SER.TAX = 103
TOTAL DUE 1103
NOW WHAT SHUD BE THE ACCOUNTING ENTRY?/
IS IT
TELEPHONE EXP DR. 1000
SER. TAX DR. 103
TO VODAFONE 1103
& THEN
VODAFONE DR. 1103
TO BANK 1103
28 July 2011
If you are claiming Cenvat, then pass the entry as per your query.
28 July 2011
I agree with praveen
28 July 2011
Yes Praveen has given you the correct solution.
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