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survesh (Querist)
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22 April 2009 Sir,
I am accounting for sub contractor for gov.roads,bridges etc.The firm is individual he has cc of rs.30,00,000 and other secured loans.While accounting bank ac loan process fees,search report etc such charges bank has charged how should i account in p/L (bank charges OR loan process fess) & in bank statement 100,000.00 & 50,000.00 these amounts has been debited saying Share Capital (how should it be accounted in tally)

Is servicetax applicable for sub contractor (for gov schme: for roads,bridges,dranage)his turnover is min rs 1,00,00,000

Brij Bhushan Sangal

Brij Bhushan Sangal (Expert)
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22 April 2009 Mr survesh,

book this as loan processing fees and reflect in p/l account.For amount of share of partners, credit their name and creat capital account. this will reflect B/S as capital.
Service tax will be applie as turnover go to 1 Crore, make ST registration also.Any further query ,mail me on cabrijbhushan@gmail.com.

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