Purchase entry
Acct. Harsha (Accountant) (139 Points)
17 June 2016Acct. Harsha (Accountant) (139 Points)
17 June 2016
JAGJIT KASHYAP
(TAX CONSULTANT)
(109 Points)
Replied 19 June 2016
You can't book input credit on such purchase, because you does not have any evidence that you have paid tax on the such purchase and no tax incidence had been charged on you.
you should make simple entry
Purchase A/c Dr. XXX
To Sundry Creditors A/c XXX
Futher, if credited is ready to revise the said invoice and to bifurcate the basic and tax amount then you will be eligible to book input tax credit.
Rammi_RP Rawat
(Accountant )
(386 Points)
Replied 21 June 2016
Pass the following entry :-
A) Dr......................Advance payment creditor A/c
Cr........................Current Bank A/c
(Accounting in tally: Activate maintain bill by bill detail and select Advance under method of adjustment/Type of Reference) .
B) Dr............Purchase A/c
Cr............ Creditor A/c
(Select Against Reference for method of adjustment/Type of Reference and select the advance payment voucher made earlier. Supplier account will automatically be adjusted and will show outstanding payable for the balance amount)
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