Accounting Entry
This query is : Open
06 January 2010
Can anyone pls suggest the accounting entry:
1) when the service is taken (Input) & provided (Output) on one date & the payment is made for the same on another date.
Pls suggest the entry on both the situations...
1) when the service is taken (Input) & provided (Output) on one date & the payment is made for the same on another date.
Pls suggest the entry on both the situations...
06 January 2010
1. Service Taken:
Debit - Service (Direct Exp./Purchase)
Credit - Service Provider A/c / Creditors
2. Service Provided:
Debit - Customer A/C
Credit - Service/Income A/c
Debit - Service (Direct Exp./Purchase)
Credit - Service Provider A/c / Creditors
2. Service Provided:
Debit - Customer A/C
Credit - Service/Income A/c
06 January 2010
Payment:
Debit - Service provider/creditor
credit - cash/bank
Receipt:
Debit - Cash/bank
credit - Customer a/c
Debit - Service provider/creditor
credit - cash/bank
Receipt:
Debit - Cash/bank
credit - Customer a/c
06 January 2010
Thanks i got ur entry, however i also need the entry for service tax in the said service in both cases...on how Service Tax Input Credit & Payable entries are adjusted when the service is actually rendered & when the payment is received at different dates. (Since ST is payable to Govt. as & when received)
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