jaganathan (accounts executive) (272 Points)
03 September 2011We are whole sale cement distributor we are purchasing cement from manufacturer per bag Rs.277/- as we newly started the business we sale the cement per bag Rs.270/- for marketing purpose and we receive quarterly a credit note from manufacturer Rs.8/- per bag as margin. Pls explain the accounting & Vat concept.
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 03 September 2011
For VAT ask the supplier to give credit note. Based on which you can adjust your input vat account.
Regards
Dayananda
CAclubindia
