Accounting treatment of advance in case of service tax
This query is : Resolved
06 November 2015
What will be accounting treatment of Advance Received against the service to be rendered and at the time of the invoice generation? For Example :- 30/12/2015 :- Received advance Rs 100000 02/02/2016 :- Service Rendered Thanks in advance
Rajnish Singh
(Expert)
09 November 2015
Manish there are two way to book advance payment of service tax.
first : raise Bill for advance payment and book this bill as provision for sale in future.
Customer Debti
to Provision for service render in future
to service tax payable.
another way
bank account dr.
to customer
to service tax payable.
first : raise Bill for advance payment and book this bill as provision for sale in future.
Customer Debti
to Provision for service render in future
to service tax payable.
another way
bank account dr.
to customer
to service tax payable.
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