28 March 2013
We were strugglig with accountant and in a year, he had to change 3 accountant.
Each one passed entry in different way by debiting different accounts for the same kind of transactions.
---------------------------------------- This is the case of Interstate Purchase: ----------------------------------------
Please help me out, What is correct, What is not? Which Purhcase account should be debited and in what case?
Case 1: Purhcase from Indu Embroidery, Mumbai vide Invoice No. 4750 dated 05-11-2011 having invoice value of Rs. 2200 where supplier has added Rs .0 under M.VAT% and we have accounted Rs. 2200 against Purchase Exempted. Neither Purchase - CST - Exempted not Purchase - CST @ 25 Against C Form
Case 2: While on the same item, Purchased from Junjun Impex, Chennai vide Invoice No. JI/1322 dated 11-11-2011 for Rs. 7808 where goods value is Rs. 7728 and P&H Charges Rs. 80 and Tax@ 5% is Zero. In this case we have accounted RS. 7808 against Purchase - CST @ 2% Against C Form.
Case 3: Purchase from other supplier from New Delhi vide Invoice No. 053718 dated 29-10-2011 having invoice value of Rs. 71530 where supplier has added nothing as tax and we have accounted purchase Account as Purchase Exempted?
CAclubindia
