Journal ebtry for vat input tax credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2014
rm purchase-1000(20 kgs)
vat-4
other expenses-5
total-1009
journal entry
purchases dr 1009
party cr 1009
purchase cr 4
vat receivable dr 4
while recording consumption the avg rate (1009/20) ie 50.45 is used.
please let me know if the aforesaid journal entries are correct.Also let me know if the issue price(50.45) for consumption is right or wrong
vat-4
other expenses-5
total-1009
journal entry
purchases dr 1009
party cr 1009
purchase cr 4
vat receivable dr 4
while recording consumption the avg rate (1009/20) ie 50.45 is used.
please let me know if the aforesaid journal entries are correct.Also let me know if the issue price(50.45) for consumption is right or wrong
17 June 2014
Raw material price will be considered only Rs.1005, as per AS-2, while doing valuation, refundable taxes will be deducted, here VAT is refundable ( adjustable with your output ) so valuation will be based Rs.1005/20, (assuming other expenses relevant to purchase)
18 June 2014
you have tto take 1005 due to Rs. 4 is vat amount is refundable to you . so it is not part of your costing.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EPF FULL & FINAL RULES IN 2026
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
