Entry of purchase non availed itc
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2017
Dear Experts
I have purchased the goods i.e.
100 Goods value
5 Vat
total bill amount 105/-
however since it was sales invoice therefore i am not eligible for ITC.
Pls tell me what will be the accounting entry if No ITC allowable,
Regards
Karan
I have purchased the goods i.e.
100 Goods value
5 Vat
total bill amount 105/-
however since it was sales invoice therefore i am not eligible for ITC.
Pls tell me what will be the accounting entry if No ITC allowable,
Regards
Karan
10 January 2017
you can pass entry :
By Purchase A/c 105
To cash/party name A/c 105
(Note : If, you are not eligible for ITC then your vat amount will be your product cost )
By Purchase A/c 105
To cash/party name A/c 105
(Note : If, you are not eligible for ITC then your vat amount will be your product cost )
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