Provision

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Mugdha

Mugdha (Querist)
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13 November 2010 HOW TO MAKE ENTRY OF SERVICE TAX PROVISION IN TALLY 9. WHEN DO WE PASSED THE ENTRY OF ST PROVISION ?

haridhayalan

haridhayalan (Expert)
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13 November 2010 as per my knowledge:
SALES: 1.1.2010
Customer a/c Dr. (Under Sundry Debtor)
Sales a/c Cr.(Under Sales)
Service Tax Receivable a/c Cr.(Under current Asset)

RECEIPT: 1.2.2010
Cash / Bank a/c Dr. (Under cash/bank )
Customer a/c Cr.

JOURNAL: 1.2.2010
Service Tax Receivable a/c Dr.
Service Tax Collected a/c Cr. (Under current liability a/c)

PURCHASE:1.1.2010
Purchase a/c Dr.(Under Purchase )
Service Tax Payable a/c(Under C.liablity)
Vendor a/c (Under sundry Creditor)

PAYMENT: 1.2.2010
Vendor a/c Dr.
Cash/Bank a/c Cr.

JOURNAL:1.2.2010
Service Tax Paid A/c Dr. (Current Asset)
Service Tax Payable A/c Cr.

end of the month you need to pass the journal difference between above both journals whether payable or adjustment.

please let me know your understanding.

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Mugdha

Mugdha (Querist)
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13 November 2010 Thank you sir.

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