Accounting and vat treatment
This query is : Resolved
13 May 2017
Sir i have purchased some items so my query is relating to accounting entry for purchase
for this invoice detail is given below
Particular. Amount
100 kg soap. 5000
+20 kg soap free.
Vat @ 4 %. 200
Total bill amount. 5200
Sir please tell me how I pass accounting entry of 100 kg +20kg free soap
for this invoice detail is given below
Particular. Amount
100 kg soap. 5000
+20 kg soap free.
Vat @ 4 %. 200
Total bill amount. 5200
Sir please tell me how I pass accounting entry of 100 kg +20kg free soap
13 May 2017
You have to spread that Rs. 5000 over 120 units (100+20 free) so
Per Unit cost of soap is Rs. 41.67 (5000/120)
and accounting entry is just like as in normal circumstances
Purchase A/c(120*41.67) Dr.4999.20
Input VAT A/c Dr. 200.00
Rounding off A/c Dr. 0.80
To Party A/c 5200
Per Unit cost of soap is Rs. 41.67 (5000/120)
and accounting entry is just like as in normal circumstances
Purchase A/c(120*41.67) Dr.4999.20
Input VAT A/c Dr. 200.00
Rounding off A/c Dr. 0.80
To Party A/c 5200
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