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Journal entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 February 2012 1.when a customer booking for a car by payinag an advance amount of rs.1000. what is the journal entry?
2.Are sales tax and VAT differentiated each other,if yes how?
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
11 February 2012 Car co. name (adavance) Dr. Under loans and advances (assets)

TO Cash / Bank. cr.

Sales tax and VAT are same.. the regime upto 2005 was sales tax and later changed to VAT w.e.f 01.04.2005
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