Accounting entries for rever mechanism

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2012 Dear Sir,
pls guide me how to take entires as per below (manpower supplying)invoice we are the service receiver
invoice
wages---- 171064
spl allow 227841
epf 13.61 23282
total 422187
service chares 29553
total invoice val(ex tax) 451740
total sertax 12.36 55835
total value 507575
-tax payable by sr 75% 41876
amt payable by sr to sp 465699
sr payable by sr 13959
total invoice amt 465699
less tds 4657
461042
pls give me accounting entries for this and how much amt we can utilise as cenvat cr this urgent pls give valuable answer
pls journal entries and cenvat amt

Amol S Joglekar

Amol S Joglekar (Expert)
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10 August 2012 If borne by service receiver, it will be debited to expenses a/c. If deducted from the payment of service provider, the same good old method of... service tax collected etc. shall be passed.

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2012 Dear Sir,
sorry I cann,t understand the answer if you dont mind can give clear as per above ex.,

Amol S Joglekar

Amol S Joglekar (Expert)
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04 September 2012 first try to locate whether the contract is INCLUSIVE or EXCLUSIVE.

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