journal entries for taxes

A/c entries 2706 views 5 replies

sir,

i want to know about accounting journal entries of  tds, service tax and exise.

Regards,

pawan verma

Replies (5)

Cash/Bank A/c  Dr

TDS/Service tax/ Dr.

To Vandor/Creditor A/c

For TDS

expenses Dr

to party

to TDS

( being Expenses Booked)

TDS Dr

Party DR

to bank

(Being Payment made for expenses as well as TDS)

EXcise

Party Dr

to sales

to excise duty payable

( Being sales booked)

Service Tax

Party dr

to service charges received

to service tax payable

(being service charges received)


on payment

 

Service tax payable dr

excise duty payable  dr

to bank

( Being serice tax & excise duty paid)

 

regards,

ratan

I wrongly written Vandor/ creditor instead off Debtor

 

Ratan i think ur confused about entries. Let see how.

1st case (as per u)

For TDS

expenses Dr

to party

to TDS

( being Expenses Booked)

TDS Dr

Party DR

to bank

(Being Payment made for expenses as well as TDS)

Here TDS cancelled and entry to transfer to Capital is pending

 

 

Journal Entry for TDS Receivable                          Journal Entry for TDS Payble

              Cash/Bank                Dr.                                                                             Vendor A/c Dr.

TDS Receivable A/c Dr.                                         To Bank/Cash Ac  

To Income Head A/c                                                                                             To TDS Payable A/c 

Excise Duty Receivable                                                Excise Duty PAyble

Purchase A/c Dr.                                                       Cash/Bank /Debtors A/c Dr.

Excise Duty Receivable A/c                                    To  Sales A/c 

To Bank/Cash / creditorsA/c                                  To Excise Duty Payble A/c

Similar Way Service Tax Journal Entry

 


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