It's too urgent

Dear

Normally most of the year end March Expenses willbe paid only after the period viz., from April onwards. for example, Salary,PF,ESI,Profession Tax,Telephone Bill, Rent,Insurance,Interest to Bank (OD) if any & other expense will be wiped out subsquently. So If we make a provision for all the above either under one roof as "provision for expenses" or you can a/c under the same a/c head with addition of payable as suffix.

The purpose being of for to a/c the expenses pertains to the same financial year during the year or to reduce the burden of profit/loss during the year itself.

Hi...Sourabh,

If you are receiving service then You should pass an entry like :

Service A/c          Dr         10000

Service Tax input A/c  Dr   1236

               To Party A/c                                    11236

Same way If you are making payment of above party then you should deduct TDS on gross amount .....

Party A/c           Dr     10079

TDS A/c           Dr      1157

                      To. Cash/Bank     A/c       11236

 Regards,

Krishna Ashara

nice reply.

Regards

Ankur