Service tax on advance received.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2014
How to calculate service tax on advance received and pay to Government , and journal entry of advance received .
suppose total advance received =50,00,000
service tax payable amount=50,00,000*12.36/112.36 =5,50,018
Journal entry in the books of service provider
Bank A/c DR. 50,00,000
To Party A/ cr 44,49,982
To service tax payable 5,50,018
this procedure is correct or incorrect.please reply this question.
suppose total advance received =50,00,000
service tax payable amount=50,00,000*12.36/112.36 =5,50,018
Journal entry in the books of service provider
Bank A/c DR. 50,00,000
To Party A/ cr 44,49,982
To service tax payable 5,50,018
this procedure is correct or incorrect.please reply this question.
28 June 2014
Bank Account DR 50 Lacs
To Party Account CR 50 Lacs
Party Account DR 550518
To Service Tax payable Account 550518
This method is absolutely correct
To Party Account CR 50 Lacs
Party Account DR 550518
To Service Tax payable Account 550518
This method is absolutely correct
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