Calculation
This query is : Resolved
Murtaza I Bhagat
(Querist)
19 October 2009
Dear sir/s,
I want to Know When Tax Paid on Purchase of 1000/- for example. and takes from sales rs.800/- so diff. of 200/- is credit
My query is that rs. 200/- where we have to take in Tax or in Additional tax Credit?
or take Consolidate.
Thanks in advance
I want to Know When Tax Paid on Purchase of 1000/- for example. and takes from sales rs.800/- so diff. of 200/- is credit
My query is that rs. 200/- where we have to take in Tax or in Additional tax Credit?
or take Consolidate.
Thanks in advance
M Prabhakar Menon
(Expert)
20 October 2009
The correct Journal entry is :
Purchse of X Dr 800
Input Vat Dr 200
To Sundry Creditor 1000
Purchse of X Dr 800
Input Vat Dr 200
To Sundry Creditor 1000
CA SANJAY MUKHERJEE
(Expert)
20 October 2009
Dear Murtaza,
It seems that you mean your input tax on purchaes is 1000 and output tax on sales is 800.
If I am correct that unadjusted input credit of Rs 200 can be adjusted against future sale or can be claimed as refund if there is no further sale.
It seems that you mean your input tax on purchaes is 1000 and output tax on sales is 800.
If I am correct that unadjusted input credit of Rs 200 can be adjusted against future sale or can be claimed as refund if there is no further sale.
C A GROUP COACHING
(Expert)
21 October 2009
Sanjay Mukherjee has given the right way of calculation
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