Dear All,
How to adjust advance amount partially including of service tax please look at the below mentioned example
| 1 | At the time of Advance given | |||
| Vendor A/c | 10,000.00 | Special GL of Vendor Advance | ||
| Service Tax Receivable A/c | 1,400.00 | |||
| Service Tax -SWA Cess Expense A/c | 50.00 | |||
| To TDS Payable A/c | 200.00 | |||
| To WCT Payable A/c | 229.00 | |||
| To Bank A/c | 11,021.00 | |||
| 2 | At the time of service Entry on receipts of 50% Service | |||
| Expenses A/c | 50,000.00 | |||
| To GR/IR A/c | 50,000.00 | |||
| 3 | At the time accounting of bill proportinate Advance adjusted | |||
| GR/IR A/c | 50,000.00 | |||
| Service Tax Receivable A/c | 6,300.00 | |||
| Service Tax -SWA Cess Expense A/c | 225.00 | |||
| Service Tax -Input A/c | 700.00 | |||
| To Vendor A/c | 47,094.50 | |||
| To Vendor A/c | 2,500.00 | Special GL for Rentetion | ||
| To Vendor A/c | 5,000.00 | Special GL of Vendor Advance Adjusted | ||
| To Service Tax Receivable A/c | 700.00 | |||
| To TDS Payable A/c | 900.00 | TDS After Adjusting Adv | ||
| To WCT Payable A/c | 1,030.50 | WCT After Adjusting Advance | ||
| 3 | At the Time of Payment to Vendor | |||
| Vendor A/c | 47,094.50 | |||
| Service Tax -Input A/c | 6,300.00 | |||
| To Bank | 47,094.50 | |||
| Service Tax Receivable A/c | 6,300.00 | |||
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