Loan processing charges for home loan will be dr. to which a/c. & what entry will be passed.?
If Cntractor had issued Labour bill with Service Tax & VAT then & We are having Service tax no of our firm & VAT also then we should pass simple entry
Purchase A/c.-Dr.
To Labour charges
or we should show Service Tax & VAT also if come what entry will be passed?
Debit Home loan a/c. Credit concerned Bank a/c. Narration much write clearly with reference nos.
For second querry. the entry would be. Labour charges a/c Dr.
Service Tax provision a/c Dr
Vat provision A/cDr
To Concerned Bank a/c (credit)
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