Journal entry
This query is : Resolved
Querist : Anonymous
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%
Waiting for feedback
2. What will be journal entry if we can Sale the material to Y party woth Rs 2000 + Excise duty 12.36% + VAT 5%
Waiting for feedback
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.
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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