Entry for profession fee receipts

This query is : Resolved

DHIREN (Querist)
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07 October 2014 plz give me your valuable advice that whether the following entry is correct or not.
Suppose a consultancy firm received consultancy fee..for this he passed a entry

Bank\Cash A/c..Dr
To consultancy Fee A/c

Now he passed entry for service tax payment...i,e.

service tax A/c.. Dr
To bank A/c
(* service tax shown under indirect exp )

However As per me it should be
Bank A/c ..Dr
TDS Receivable A/C..Dr
To consultancy fee A/c
To EC A/c
To SHEC A/c
To Service tax payable A/c

And payment entry for service tax.

Service tax payable ..Dr
EC....................Dr
SHEC..................Dr
To bank
please show me correct way.

Rupesh Jain

Rupesh Jain (Expert)
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07 October 2014 yes your entry is correct . .............

Message likes : 1 times

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