Tally enterty
This query is : Resolved
09 May 2011
Good Evening to all CA Club Members
Sir, I purchase a machine against “C” form. I don’t understand what entry I pass in tally. So please guide me about what entry should be pass in tally with the ledger and group and also guide me where we show in the sale tax return.
Sir, I purchase a machine against “C” form. I don’t understand what entry I pass in tally. So please guide me about what entry should be pass in tally with the ledger and group and also guide me where we show in the sale tax return.
09 May 2011
For purchase of machinery you would pass entry:
Machinery a/c Dr. (Fixed Assets)
To Vendor a/c (Current Liabilities)
However if this machinery is to be used in manufacturing then you will have to issue 'C form' to this vendor then you have to give him the 'C form' that will be purchase price of machinery less CST. So for this purpose if you wish, you can make separte ledger for 'CST' and pass following entry:
Machinery a/c Dr. (Fixed Assets)
CST a/c Dr. (Fixed Assets)
To Vendor a/c (Current Liabilities)
In sales tax return, it would be shown under 'Purchase of capital Assets'.
Machinery a/c Dr. (Fixed Assets)
To Vendor a/c (Current Liabilities)
However if this machinery is to be used in manufacturing then you will have to issue 'C form' to this vendor then you have to give him the 'C form' that will be purchase price of machinery less CST. So for this purpose if you wish, you can make separte ledger for 'CST' and pass following entry:
Machinery a/c Dr. (Fixed Assets)
CST a/c Dr. (Fixed Assets)
To Vendor a/c (Current Liabilities)
In sales tax return, it would be shown under 'Purchase of capital Assets'.
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