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Reverse charge mechanism

This query is : Resolved 
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(Querist)
03 March 2014 Hi.,
Can anyone explain me the Accounting Procedure for RCM as per Sec 68(2).
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 March 2014 1. Receipt of invoice

Expense A/c Dr
To Creditor
(Expense recorded)

CENVAT Credit Deferred (Input Service)
To Service Tax Payable
(Service tax liability recorded)

2. Payment of service tax

Service Tax Payable A/c Dr
To Bank
(Service tax liability discharged)

CENVAT Credit (Input Service) Dr
To CENVAT Credit Deferred (Input Service)
(CENVAT credit availed)
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