Sales and bill receivable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 February 2010
Sir,
we have sold goods and raised invoice
and later we have received a bill from the debtor insted of cheque.it is presented into bank.
how to account for the VAT.
i.e on full amount of bill or after deducting bank charges.
please give me the accounting entry
thanking you
we have sold goods and raised invoice
and later we have received a bill from the debtor insted of cheque.it is presented into bank.
how to account for the VAT.
i.e on full amount of bill or after deducting bank charges.
please give me the accounting entry
thanking you
07 February 2010
While Raising invoice
Debtors A/c Dr
To Sale A/c
To VAT A/c
While receving bill from Detors
Bils Receivable A/c Dr
Bank charges A/c Dr
ToDebtors A/c
While Maturing bil
Bank A/c Dr
To Bills Receivable A/c
Debtors A/c Dr
To Sale A/c
To VAT A/c
While receving bill from Detors
Bils Receivable A/c Dr
Bank charges A/c Dr
ToDebtors A/c
While Maturing bil
Bank A/c Dr
To Bills Receivable A/c
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