Passing Entry
This query is : Resolved
Manasa Ranjan Samal
(Querist)
22 May 2010
Respected All,
I received the bill from OMC as under,
Value of Iron Ore Rs.5492114.50
Royalty Rs.292404.42
VAT Payable@4% Rs.231380.76
Entry Tax Rs.60159.00
Analysis Charges Rs.1340.50
Labour WelfareCessRs.3797.46
Edn. Cess Rs.75.95
SHE Cess Rs.37.97
Invoice Amount Rs.6073488.00
How will I pass the entry in Tally?
I received the bill from OMC as under,
Value of Iron Ore Rs.5492114.50
Royalty Rs.292404.42
VAT Payable@4% Rs.231380.76
Entry Tax Rs.60159.00
Analysis Charges Rs.1340.50
Labour WelfareCessRs.3797.46
Edn. Cess Rs.75.95
SHE Cess Rs.37.97
Invoice Amount Rs.6073488.00
How will I pass the entry in Tally?
CA Kishore Tallam
(Expert)
26 May 2010
The answer will be in 2 ways - if u have VAT payable on ur sales or not. If u have VAT payable, the entry would be
Ironore A/c Dr (Inventory) assuming it as inventory 5,842,108
VAT input credit A/c Dr 231,380
To Vendor A/c / Bank A/c 6,073,488
If u dont have VAT payable, there wont be any VAT input credit and the total amount will be the cost of the inventory.
Ironore A/c Dr (Inventory) assuming it as inventory 5,842,108
VAT input credit A/c Dr 231,380
To Vendor A/c / Bank A/c 6,073,488
If u dont have VAT payable, there wont be any VAT input credit and the total amount will be the cost of the inventory.
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