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Journal entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 December 2014 1. What will be journal entry if we can purchase the material from X party Rs 1000 + Excise duty 12.36% + VAT 5%

2. What will be journal entry if we can Sale the material to Y party woth Rs 2000 + Excise duty 12.36% + VAT 5%

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Amol S Joglekar

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Amol S Joglekar (Expert)
16 December 2014 01. Debit Purchases 1123.60
Debit Vat paid 56.18
Credit Supplier 1179.78

02. Debit Customer 2359.56
Credit Sales 2247.20
Credit VAT collected. 112.36

Vat paid and VAT collected are to be knocked off in order to make the net payment to VAT dept.
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