Entry of Reciept

Client's Account     [Debit]  168,540

To TDS                [Credit]   16,854

To Bank Account   [Credit]    Balance

Hello

TDS had been deducted on the whole value Rs.1,68,540/-, instead of deducting on the bill value

The accounting entries at the time of raising Bill

Fees Received               Cr. 150,000/-

Service Tax receivable    Cr.  18,540/-

Name of the Client          Dr. 168,540/-

At the time of receving the amount

Name of the Client                Cr.168,540

TDS                                     Dr.  16,854

Bank account (on collection)   Dr 151,686

While paying service tax, Service tax collection account will be debited.

Regards

CA  R. KANDASAMY

Dear amrit singh (Killer Student) :-D

Please clear your accounting concept before misguiding others...

CA R.KANDASAMY, Thank you for the right answer...

Originally posted by : CA R.KANDASAMY
	Hello TDS had been deducted on the whole value Rs.1,68,540/-, instead of deducting on the bill value The accounting entries at the time of raising Bill Fees Received               Cr. 150,000/- Service Tax receivable    Cr.  18,540/- Name of the Client          Dr. 168,540/-   At the time of receving the amount Name of the Client                Cr.168,540 TDS                                     Dr.  16,854 Bank account (on collection)   Dr 151,686 While paying service tax, Service tax collection account will be debited. Regards CA  R. KANDASAMY

Thanks A Lot.......

I also do the same but somehow needs confirmation.

Ur advice really helps me a lot......

Thanks to all of u tooooo......... 

Now, what would u do in the given case: " When Cheque Recd. From Client = Rs. 2850 only "

Please mention what would be the amount ( If Any ) in place of " ? "...........

if you dont want to spilt the entry and want to do the single one then it should be like this:-

Bank A/c          Dr          151686

TDS                 Dr            16854

                To Professional Fee Income A/c           150000

                 To Service tax Payables A/c                   18540

Originally posted by : ish kumar sharma
	if you dont want to spilt the entry and want to do the single one then it should be like this:- Bank A/c          Dr          151686 TDS                 Dr            16854                 To Professional Fee Income A/c           150000                  To Service tax Payables A/c                   18540

thank you.......

I agree with Mr Kandasamy 100%.