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Accounting Entries for Service Tax, BARREL and TDS
So, following entries will be passed at occurring of various occasions.
Accounting Entries For Service Tax
Entries for transactions including service tax are as followed:–LRB-
At the time of rendering/provision of services
Debtor Dr.
To Profits
To Service Tax Output
At the time invoice of services
Expenses Dr.
Service Tax Input Dr.
To Financial Institutions
When change 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 BARREL are as followed:–LRB-
At the time of Purchase
Purchase Dr.
VAT Input Dr.
To Lenders
At the time Sale
Debtors Dr.
To Sales
To Vat Output
When change is to be made
VAT Output Dr.
To VAT Input
To BARREL Payable
At the time of payment
BARREL Payable Dr
To Cash/Bank
Accounting Entries for TDS
Entries for deals including TDS are as followed:–LRB-
When Expenditures are tape-recorded
Expenses Dr.
To Party
To TDS Payable
At the time of payment of above total up to Govt
TDS Payable Dr.
To Cash/Bank
When earnings is recorded/booked
Party Dr.
TDS deducted Dr.
To Revenue
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