Round off

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 I PURCHASE GOODS FROM DEALERS & RECEIVE INVOICES FROM THEM.THE INVOICE AFTER CHARGING VAT & VALUE OFTEN ARE ROUNDED to Zero. I WOULD I LIKE TO ASK HOW TO SHOW THIS ROUND OFF IN BOOKS OF ACCOUNT. WHAT WILL BE THE ENTRY & NARRATION .Will this round off be transferred to purchase a/c. During sales also We make round off to Zero. How round off ( sales) & round off (purchases) will be maintained. What will be entrie & narrations both for Round off (purchase) And Round off (sales).I ALSO MAINTAIN ONE ROUND OFF ACCOUNT FOR ROUNDING TO ZERO FROM PARTIES RECEIVED OR PAID LESS. How this account will be maintained. will all Three accounts will be maintained separately. Please help me as I want to maintain accounts with perfection.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 October 2013 You should round it off to nearest multiple of Rupee in both cases.

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 Y DID NOT UNDERSTOOD MY QUESTION . HOW ROUND OFF ACCOUNT (SALES). ROUND OFF(PURCHASE) & ROUND OFF WILL BE CLOSED. THAT IS WHERE THE BALANCE OF THESE ACCOUNTS WILL BE TRANSFERRED. PLEASE EXPLAIN ME CLEARLY WITH ENTRIES & NARRATIONS

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 October 2013 Round off a/c should not be made instead while passing sales and purchase entry book it at rounded figure.

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2013 AGAIN Y DIDNT UNDERSTOOD MY QUESTION. I RECEIVE INVOICES FROM PARTY WHICH HAVE ROUND OFF IN INVOICES.HOW ROUND OFF OF THOSE WILL BE SHOWN

Ganeshbabu K

Ganeshbabu K (Expert)
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13 October 2013 Refer to below reply
.
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https://www.caclubindia.com/experts/round-off-1474619.asp#.UlpocFCnqWY

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