Accounting treatment
This query is : Resolved
01 June 2016
An Air conditioner(A/c) distributor sells an A/c to its customer in exchange of their old A/c by giving them discount of 3k. this old A/c's are sold/scrapped @ 4k or 5K. so how the transaction to be recorded in books of accountss??
Thanks in anticipation
Thanks in anticipation
04 June 2016
Dr. Old AC
Dr.Bank/cash
Cr. New AC Sales
Cr.VAT Payable
(Entry for sale of new AC in exchange of old AC)
Dr.Bank
Dr.TCS Collected
Cr.OLD AC
Cr.TCS Payable
Cr.VAT Payable
(Sale of OLD AC)
Dr.Bank/cash
Cr. New AC Sales
Cr.VAT Payable
(Entry for sale of new AC in exchange of old AC)
Dr.Bank
Dr.TCS Collected
Cr.OLD AC
Cr.TCS Payable
Cr.VAT Payable
(Sale of OLD AC)
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