Journal entry for sales bill
This query is : Resolved
jibin paul
(Querist)
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
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
(Expert)
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.
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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