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GeekInterview.com > Interview Questions > Accounting > Accounts Payable
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Question: Pass a JV
Answer: How to pass a JV when we receive bill including service tax? How to close this a/c? |
| March 03, 2009 11:44:55 |
#1 |
| kumardurgam |
Member Since: February 2006 Total Comments: 6 |
RE: Pass a JV
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To arrive the bill amount before service tax the following can be done.
Ex:- The total bill value is 1136. and the service tax rate is 12.36% (12%+3%
Cess on Tax)
The net bill amount = 1123.36*100/112.36 (i.e.100+12.36) = 1000
Now you can post the net bill to respective account and remaining to service tax. |
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