Example 3

Payment Made in Advance

The Company entered into connect with Max Ltd on 25 April for 100,000+ Service Tax 15%

Whole amount paid in advance on that date to Max Ltd

Bill Received on 10th June from Max for Consultancy Service

Pass Entries assuming no TDS

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Example 4

Pass Entry in Example 3 assuming TDS is applicable

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  1. Accounts and Finance
  2. Accounts with Taxes

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .