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Urgent accounting entry query

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manik ca in practice [ Scorecard : 369]	Posted On 21 July 2012 at 13:30
	there is query regarding service tax and accounts in construction industry we have received mobilization advance from the client of Rs 1,46,00,000 ( service tax on the same has been deposited for march,2012)and submitted the bill of the same amount as on 31.03.2012 and shown as work done in books, but the bill was certified by the client for Rs.1,17,00,000 on 30.06.2012 and entered in their books on 30.06.2012. the confusion is how to book entries regarding service tax , work done ?

Giridhar S Karandikar Team Lead [ Scorecard : 2671]	Posted On 21 July 2012 at 14:16
	You will need to book the sale of 1.17cr in Mar12 by transferring the amount from advance account to sale account. ST to be paid on the whole amt of 1.46cr. You shud query with the client about the short approved bill to the tune of 29lacs.

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