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Jyoti (Querist)
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27 December 2010 we have service tax payble-20000, cenvat credit-5000, service tex received-25000. what is the accounting entry?
entry passed by me-

Service tax payable a/c ---Dr. 20000
To service tax receivable A/c 15000
To cenvat Credit a/c 5000

Please correct my mistake.........

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 December 2010
Dr: Service tax payable
Cr: Cenvat- Service tax ( receivable)
Cr: Bank ( Balance payable)

Jyoti

Jyoti (Querist)
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27 December 2010 But sir in this particular case service tax receivable and balance of cenvat credit amount is more than service tax payble. Then why payment from bank?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 December 2010 If the receivable is more than payable, then bank will not come only

Dr: Service tax payablr
Cr: Cenvat- Service tax

you entry is correct

Jyoti

Jyoti (Querist)
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28 December 2010 Thank u very much sir for guiding me correct.

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