Accounts
This query is : Resolved
nag_v_k@yahoo.com
(Querist)
16 July 2014
i have received on bill from house keeping and made entry for the above inv as below
debit expense
debit service tax 12.36
credit vendor
credit tds 2%
debit vendor
anyone can explain how account are effecting in prfit loss account and blance and explain each account how affeted in financel statment
debit expense
debit service tax 12.36
credit vendor
credit tds 2%
debit vendor
anyone can explain how account are effecting in prfit loss account and blance and explain each account how affeted in financel statment
Ganeshbabu K
(Expert)
16 July 2014
Expenditure will be increased to the amount debited to profit and loss
.
.
service tax input availed
.
.
tds deducted from vendor payment hence it will be appear as tds payable as other current liabilities in balance sheet
.
.
balance amount after deducting will be transfered to vendor which will be grouped under trade payable (Sundry creaditors for expences)
.
.
service tax input availed
.
.
tds deducted from vendor payment hence it will be appear as tds payable as other current liabilities in balance sheet
.
.
balance amount after deducting will be transfered to vendor which will be grouped under trade payable (Sundry creaditors for expences)
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