Example 5

Payment Made in Advance

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

20% paid in advance on that date to Max Ltd

Bill Received on 10th June from Max for Consultancy Service

Balance 80% Paid on 28 October

Pass Entries assuming no TDS

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  1. Accounts and Finance
  2. Accounts with Taxes
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About the Author

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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 .