Journal entry
This query is : Resolved
03 April 2016
Hi All
Our organization received an amount a year back as a lum sum amount. we deposited service tax @12.36 on it (by applying concept of grossing up). We did not generate the invoice at that time.
In current year we issued the invoice for the whole amount with service tax @14% and Swach Bharat cess @0.5% the client deducted the amount paid earlier and paid rest amount. information below may help you.
Amount received in 2014-15 1,00,000/- journal entries made as below
bank Dr 90,000
TDS 10,000
To Party 89,000
To Service tax @12% 10,680
To Cess 2% 213
To SHEC1% 107
Now we issued invoice as under
Service charge 2,00,000
Service Tax @14% 28,000
Swach bharat cess 1000
TOTAL 2,29,000
The client made the payment as 2,29,000 - 1,00,000 = 1,29,000 - 12,900(TDS) = 1,16,100
How to incorporate this in my books?
Our organization received an amount a year back as a lum sum amount. we deposited service tax @12.36 on it (by applying concept of grossing up). We did not generate the invoice at that time.
In current year we issued the invoice for the whole amount with service tax @14% and Swach Bharat cess @0.5% the client deducted the amount paid earlier and paid rest amount. information below may help you.
Amount received in 2014-15 1,00,000/- journal entries made as below
bank Dr 90,000
TDS 10,000
To Party 89,000
To Service tax @12% 10,680
To Cess 2% 213
To SHEC1% 107
Now we issued invoice as under
Service charge 2,00,000
Service Tax @14% 28,000
Swach bharat cess 1000
TOTAL 2,29,000
The client made the payment as 2,29,000 - 1,00,000 = 1,29,000 - 12,900(TDS) = 1,16,100
How to incorporate this in my books?
04 April 2016
1
Bank Dr 116100
TDS Dr 12900
To Party 111000
To ST 17000
To SWC 1000
2
Party Dr 200000
To Service Charge 200000 (by this entry party acct closed)
Bank Dr 116100
TDS Dr 12900
To Party 111000
To ST 17000
To SWC 1000
2
Party Dr 200000
To Service Charge 200000 (by this entry party acct closed)
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