Provisioanl entry for emi payment of loan

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This query is : Resolved

Alishetty Harish (Querist)

07 February 2013
how the provisional entries for EMI of loan payable is made at the end of financial year?
Is the entries made for unpaid amount till 31st March or for following month too...i.e, April?

Amol S Joglekar

Amol S Joglekar (Expert)

07 February 2013 If the bifurcation of EMI into principal and interest is unknown, then some times PROVISIONAL entry is made. But now a days veru seldom, such instance occurs.

Alishetty Harish

Alishetty Harish (Querist)

07 February 2013 thanks. and please tell me the rules regarding the excise duty passage back to vendor on purchase return. Is it is possible only through raising of invoice in SAP for purpose of that passage?

Alishetty Harish

Alishetty Harish (Querist)

07 February 2013
Please explain me when service tax is exempted in case of job work?

Rupesh Jain

Rupesh Jain (Expert)

22 May 2014 if you are doing job work for manufacturer then no requirement of service tax.

and if your receipts lower than 10 lacs then no service tax registration required.

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