Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 January 2013
Suppose I am selling a product @ Rs.10000/- to end customer(inclusive of VAT) but to secure the due we have a tie-up with a finance co which provides EMI facility to customers & provide us Rs.9500/- net after deducting his charges Rs.500/-
Q-1.)At what amount sales to be booked Rs.10000/- or Rs.9500/-
Q-2.)On which amount VAT is to be paid?
Q-3.)Journal Entry for the same.....
Thanks in advance.....
Please guys reply ......
(Sharing is Caring)
Q-1.)At what amount sales to be booked Rs.10000/- or Rs.9500/-
Q-2.)On which amount VAT is to be paid?
Q-3.)Journal Entry for the same.....
Thanks in advance.....
Please guys reply ......
(Sharing is Caring)
30 January 2013
A1) sales should be booked at Rs.10,000 and journal entry for the same is-
Debtor Dr.
To Vat payable
To Sales
2) Bank Dr.
Finance charge Dr.
TO Debtor
A2) Vat shall be payable at Rs.10000
Debtor Dr.
To Vat payable
To Sales
2) Bank Dr.
Finance charge Dr.
TO Debtor
A2) Vat shall be payable at Rs.10000
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