Accounting entries as per Accounting Standards
This query is : Resolved
07 January 2009
1) Raw material order cost @ 100 /- per kg plus cenvat 4 % & AP Vat 4 %.
2) Ordered qnty = 1000 kgs
3) Material received is 950 kgs but the invoice is for 1000 kgs .( 50 kgs damaged condition and rejected )
4) Payment made is for 950 kgs only .
Can you plz suggest the Accounting entries as per Accounting standards ...
2) Ordered qnty = 1000 kgs
3) Material received is 950 kgs but the invoice is for 1000 kgs .( 50 kgs damaged condition and rejected )
4) Payment made is for 950 kgs only .
Can you plz suggest the Accounting entries as per Accounting standards ...
Arbind Aggarwal
(Expert)
07 January 2009
Make entry for 950 kg. of material cost+excise duty and VAT.
The credit of excise and VAT is available only for the quantity recd.
The credit of excise and VAT is available only for the quantity recd.
Rashesh Patel
(Expert)
07 January 2009
Make Entry for 1000 Kgs. + Excise & VAT ...and also make entry for Purchase Return of 50 Kgs + excise + vat
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