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Does accounting for service sector

Atharv Sankliya (1323 Points)

03 February 2022

does accounting for service providing firm is different from trading/manufacturing firm

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5 Replies

sabyasachi mukherjee (27117 Points)
Replied 03 February 2022

Obviously nature of operation is different.

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 03 February 2022

Basic accounting principles will be same & only few additional ledgers can be seen

Nidhi (Chief Accountant) (3150 Points)
Replied 04 February 2022

Accounting principles are same..
I think it's easy than manufacturing accounting.

sabyasachi mukherjee (27117 Points)
Replied 04 February 2022

No

MANUFACTURING-IMPLOCATION OF GST TAKING INPUT CREDIT
FOR EXCISE WHOLE SET OF BOOKS LIKE RG23A PART 1 PARRT TAKING CREDIT IS TIME TAKING.
PLA ACCOUNT.
SAME IS THE CASE OF GST IN MANUFACTURING SECTOR.
GSTR2A , GSTR 3B
LETS NOW COME TO SERVICE SECTOR
GST IS CUMBERSOME