Various Accounting Entries For Service Tax ,TDS, VAT
Various Accounting Entries : Here we are providing various accounting entries for service tax,TDS,VAT.
Entries for transactions involving service tax are as followed :-
At the time of rendering/provision of services
Debtor Dr.
To Revenue
To Service Tax Output
At the time receipt of services
Expenses Dr.
Service Tax Input Dr.
To Creditors
When adjustment is to be made
Service Tax Output Dr.
To Service Tax Input
To Service Tax Payable
At the time of payment
Service Tax Payable Dr.
To Cash/Bank
Accounting Entries for VAT
Entries for transactions involving VAT are as followed :-
At the time of Purchase
Purchase Dr.
VAT Input Dr.
To Creditors
At the time Sale
Debtors Dr.
To Sales
To Vat Output
When adjustment is to be made
VAT Output Dr.
To VAT Input
To VAT Payable
At the time of payment
VAT Payable Dr
To Cash/Bank
Accounting Entries for TDS
Entries for transactions involving TDS are as followed :-
When Expenses are recorded
Expenses Dr.
To Party
To TDS Payable
At the time of payment of above amount to Govt
TDS Payable Dr.
To Cash/Bank
When income is recorded/booked
Party Dr.
TDS deducted Dr.
To Revenue
Recommended Read :
Accounting standard summary notes
DS Rawat accounting standard summary notes
Various types of audit under companies act
For more updates you can go for at CAKART
Various Accounting Entries
Accounting entrieswww.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit and chat with our counsellors any time. We are happy to help you make successful in your exams.