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,
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 )
CAclubindia
