about deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2010
dear sir,
we purchase a machinery from "A" ON RS.750000 AND PAID EXCISE DUTY 10.3%. WE DID
A ENTRY IN PURCHASE A/C.
MACH DR. 750000
EXCISE RECEIVEABLE DR.77250
TO PARTY 827250
THIS MACHINERY WE PURCHASED FOR "B" WHOM R OUR CONTRACTOR. NOW "B" ISSUED A BILL OF RS.500000. SO WE WANT TO KNOW HOW TO DEDUCT ABOVE AMT. FROM B A/C.
PLS TELL ME ENTRY HOW TO DEDUCT A AMOUNT.
we purchase a machinery from "A" ON RS.750000 AND PAID EXCISE DUTY 10.3%. WE DID
A ENTRY IN PURCHASE A/C.
MACH DR. 750000
EXCISE RECEIVEABLE DR.77250
TO PARTY 827250
THIS MACHINERY WE PURCHASED FOR "B" WHOM R OUR CONTRACTOR. NOW "B" ISSUED A BILL OF RS.500000. SO WE WANT TO KNOW HOW TO DEDUCT ABOVE AMT. FROM B A/C.
PLS TELL ME ENTRY HOW TO DEDUCT A AMOUNT.
15 October 2010
good day and greeting as much clear from your question please find answer below
1 . you purchased that machinery in your own account and make correct entry .
2 . now you have to pass another entry to pass/transfer it to Mr. B and entry will be -
mR.B a/C - Dr
to
machinery a/c
( IT IS LIKE YOU HAVE SOLD IT TO MR. B )
3 when mr . B will raise a bill on you you will deduct your due from him by passing another entry in your account
-----bill a/c dr.( whatever name called of the bill)
to machinery a/c (refrence should be given of that invoice number)
good day and greeting as much clear from your question please find answer below
1 . you purchased that machinery in your own account and make correct entry .
2 . now you have to pass another entry to pass/transfer it to Mr. B and entry will be -
mR.B a/C - Dr
to
machinery a/c
( IT IS LIKE YOU HAVE SOLD IT TO MR. B )
3 when mr . B will raise a bill on you you will deduct your due from him by passing another entry in your account
-----bill a/c dr.( whatever name called of the bill)
to machinery a/c (refrence should be given of that invoice number)
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