banner_ad

How to pass journal enty

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
10 November 2011 Our client sells car-insurance policies. The company gives 4% commission on policies sold. I want to know that what journal entry is to be passed, because there is 2% deduction of TDS, and also, 10.3% Service Tax element. How to pass the journal entry for TDS and Service Tax Element?

For example, policies sold, and its 4% is1,40,000 and 10.3% Service Tax is14,420. Total is1,54,420.

Of this1,54,420 TDS of 2% is 3088, and net amt receivable is1,51,331.

Anybody please tell me, how to pass journal entry for it. Thanks.
Profile Image

Rajnish Singh

Profile Image

Rajnish Singh (Expert)
12 November 2011 police seller is agent of insurance company so service tax doen't matter for them. only he book commission and tds .

company dr 154000
to commission received a\c


second

cash / bank dr
tds receivable dr

to company a\c
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details