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Accounting treatment of service tax in case of advance
What will be accounting treatment of Advance Received against the service to be rendered and at the time of the invoice generation?
For Example :-
30/12/2015 :- Received advance Rs 100000
02/02/2016 :- Service Rendered
Thanks in advance
Replies (1)
On 30.12.2015 Cash a/c debited and party account will credited of Rs.100000
On 02.02.2016 Party a/c debited and service rendered(Income) will credited of Rs.10000
(Assume no service tax levy on such services)
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