Dear Friends
i dont know under which forum i should post this question since i feel this involves sales tax, service tax, excise, tds, works contract and hence its freaking me out.
i need to know the journal entries for the following in the books of both Bata Shoe Company and ABC Limited.
| Bata Shoe Company has issued purchase cum work order of boxes according to company specification for packing of shoes to ABC Ltd. Bata Shoes Company has supplied all the raw material to ABC Ltd. for Rs. 100000 and total contract value of contract is Rs. 200000. ABC Ltd. supplied the boxes to Bata Shoe Company. ABC Ltd. billed Bata for Rs. 200000 and in invoice material value has been shown as Rs. 100000. |
Please give suitable explantations with answer quoting relevant sections of the relevant Act?
also i need to know what is job work, works contract and work contract tax?
thanks
shivani
CAclubindia
