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Journal entry

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Querist : Anonymous

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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 ......

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aadish

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aadish (Expert)
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
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