rajeev (Accountant) (159 Points)
19 December 2012If some one received commission from party Say xyz & he is a prop.
Commission 294519
Tds deducted 29452
what will be combine entry under which account head & groups.( Rs.294519/- is commission on sale )
Actual collection is 150000/- out of rs.294519/- & on 150000/- i have to pay Service Tax @ 12.36%
What account entry i shall pass in may book.
Kindly advice Thanks
Sonu Kumar
(Account Manager)
(665 Points)
Replied 19 December 2012
In Your Books
1.Xyz Ltd A/c ..... Dr--265067/- (Sundry Creditor)
Tds on Commision Dr - 29452/- ( Current Assets)
To Commision From Sales - 294519/- (Income)
(Commision on Sale )
2. Service Tax Dr---36402/- ( Direct Exp)
To Service Tax Payble Cr...36402\- (Statutry Liability)
(Service Tax Liability against Commision Received on Sale Rs-294519)
3. Bank A/c Dr - 150000/- (Current Assets)
To Xyz Ltd Cr. - 150000/-
(Being Amount Received from Xyz Ltd)
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