Purchase entry with vat and discount
This query is : Resolved
30 November 2014
x purchased 10000/- goods from y, he given 1000 as discount, vat rate is 5%. then what is the accounting entry in the books of purchaser?
30 November 2014
Purchase A/c. Dr. 9000
VAT receivable 5% Dr.450
To Party a/c. (seller) Cr.9450
Purchase A/c. Dr. 9000
VAT receivable 5% Dr.450
To Party a/c. (seller) Cr.9450
01 December 2014
it is trade discount then vat charge on rs.9000/- if it is otherwise then vat applicable on res. 5000/- and then you deduct the discount.
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