Accounting of advance amount received.

01/04/2014-

Bank A/c dr 1,00,000/-

to party_1,00,000/-

30/06/2014

Party dr 1,00,000/-

To Income Received 1,00,000/-

I m assuming this 2 lac is inclusive of service tax.

Clarifications:

1.your bank a/c is credited with the receipts.

2.party ledger is nil at the end.

3.income generated is credited.

For payment of service tax, you need to give some more details like RCM or partial etc..