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Sales and bill receivable

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Querist : Anonymous

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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
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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
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