tally grouping

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Student (Querist)
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22 August 2010 Hello expert,
Under which group should the folowing ledger be created?
1. Advance paid to supplier - ledger shld be created or direct entry
Supplier Dr.
To bank
can be passed?

2. TDS Receivable.

3. In a service company, mvat paid on stationery purchased should be added to the cost or separate Mvat i/p cr. a/c has to be created?

thanks
kirti.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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22 August 2010 1. Direct Entry could be made as the suppliers balance can be sometimes in debit and credit also. So under sundry creditors would do. At the time of balance sheet preparation the balance be checked and grouped accordingly.
2. Loans & Advances.
3. Added to the cost as no input for VAT can be taken by the service company.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 August 2010 1. Advance paid to supplier -

2 option . can be followed your option or create separte ledger under loans and advances and debit the same

2. TDS Receivable. =Under Current assets

3. My suggestion need to add to cost

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Student

Student (Querist)
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23 August 2010 thanks Aditya & Ramesh!!!!!

Student

Student (Querist)
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23 August 2010 Aditya ji,
For understanding WCT under mvat can you suggest any link other than mahavat.gov
If you have any document on wct(working, return forms, due dates etc) pls. fwd to
kb3108@yahoo.in / upload on cci & give the link.

thnx
kirti

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 August 2010 I know Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 under service tax the link is
https://servicetax.gov.in/workcontract-rules.htm

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