Sumit Agarwal (Article Assistant (CA-Final)) (393 Points)
15 November 2012
Hello, Can any one tell me, what will be entry to be passed in the follwing case in the books of both X & Y ? Mr,X Received Invoice of Rent from Mr Z Rs 220000 Service Tax 12.36%
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 24 December 2012
| Originally posted by : Sumit Agarwal | ||
 |
Hello, Can any one tell me, what will be entry to be passed in the follwing case in the books of both X & Y ? Mr,X Received Invoice of Rent from Mr Z Rs 220000 Service Tax 12.36% |
 |
YOUR QUESTION IS MISSING SOMETHING ... THERE ARE THREE PARTIES TO CONTRACT ????
Sonu Kumar
(Account Manager)
(665 Points)
Replied 25 December 2012
In Books of Mr. X-----
Rent A/c Dr. 220000 -
Service Tax Input Credit Dr--27192
To Bank Ac- 222473
To TDS A/c - 24719/-
Sonu Kumar
(Account Manager)
(665 Points)
Replied 25 December 2012
In Books of Mr Z.....
Bank A/c - Dr 222473
TDS A/c - Dr 24719
To Mr Rent A/c 220000
To Service Tax Payble ac - 27192
Jiral Savla
(Senior)
(35 Points)
Replied 08 January 2013
As per circular no.4/2008 dated 28/04/2008 it was clarified that TDS on rental payment would be required to be made only on the basic rental Without including Service tax.
In the books of X
Rent A/c Dr 2,20,000
Service Tax Input Credit Dr 27,192
To TDS on Rent 22,000
To Bank 2,25,192
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 09 January 2013
In the books of Mr.X
Rent A/c.................................Dr. 2,20,000/-
Service Tax Receivable.........Dr. 27,192/-
To Mr. Z/Rent Payable 2,25,192/-
To TDS on Rent 22,000/-
Please note that if the payment of Rent is not related to input services then the service tax has to be debited to Profit & Loss A/c
srividyakaranam
(accounts assistant)
(22 Points)
Replied 08 December 2014
hello ,
what is the accounting entry for rent payable, invoice is of 27966.40
service tax is 2796.40 and rent to be paid is 25170.. what is the entry for this..please anyone help me
srividyakaranam
(accounts assistant)
(22 Points)
Replied 08 December 2014
hello,
it is pvt ltd company of 500000 eq shares of rs 10 each and directors are paid share amount through bank.. what is the accounting entry for paid up capital ,how should i treat without effecting bank closing balance
CAclubindia
