Journal entry for sales bill

This query is : Resolved

jibin paul (Querist)
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12 May 2016 Hi,

Kindly send me the journal entry(in the books of contractor) for works contract bill issued by contractor.
details are below:

GROSS AMOUNT-11027433
IT-126888
VAT-507550
KCWWF-126888
RETENTION-900000
TOTAL INVOICE VALUE-12688759

jibinpl95@gmail.com

CA SINCY SAJI

CA SINCY SAJI (Expert)
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13 May 2016 Dr Bank/Cash A/c 1,10,27,433
Dr Income Tax Deducted at Source 1,26,888 (Under Current Asset)
Dr VAT 5,07,550 (Expense / Current Asset)
Dr KCWWF 1,26,888 (Expense)
Dr Retention Money 9,00,000 (Under Current Asset )

Cr Party / Income A/c 1,26,88,759

Note:-
If party is filing VAT returns under compounding method, VAT amount of Rs. 5,07,550 shall be treated as expense. If they are non-compounding, then it shall be shown under current assets and credit can be taken upon filing of returns.

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