Provision on capital work in progress

Jerry (CMA) (35 Points)

21 April 2017  

Dear Experts

My company has given works contract to one sole proprietor, he started work in December 2015. Almost 95% work is finished now.He raised first bill for 70% of work done in March 2017. We paid Service Tax under Reverse Charge Mechanism on 31-03-2017. He is planning to raise the balance bill in April. Please advice me ,how can i record the transaction on 31-03-2017 whether i have to make provision for the for the balance work for which bill has not raised and service tax and TDS applicability.

Thanking you

Jerry