Tcs
This query is : Resolved
09 October 2012
If I made a scarp sales (Basic + excise + VAT + TCS) to a buyer. If buyer has return the scrap sales,what will be the accounting effects?
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Party has not paid any amount but raised a debit note with separate TCS. Then how to account?
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Party has not paid any amount but raised a debit note with separate TCS. Then how to account?
09 October 2012
Assume Sales amount is Rs. 10000
1) After scrap sales
a) Cash/Bank ac. dr. 10100
to Party ac. 10100
b) Party ac dr. 10100
to sales ac. 10000
to TCS Payable ac. 100
c) TCS Payable ac. dr. 100
to Cash/Bank ac. 100
2) After Sales Return
a) Sales Ac. dr. 10000
to Party Ac. 10000
b) Cash/Bank ac. 10000
to Party Ac. 10000
Give Form 27D of Rs. 100/- which is earlier deposited to central govt.
Party will claim this amount and will get refund.
1) After scrap sales
a) Cash/Bank ac. dr. 10100
to Party ac. 10100
b) Party ac dr. 10100
to sales ac. 10000
to TCS Payable ac. 100
c) TCS Payable ac. dr. 100
to Cash/Bank ac. 100
2) After Sales Return
a) Sales Ac. dr. 10000
to Party Ac. 10000
b) Cash/Bank ac. 10000
to Party Ac. 10000
Give Form 27D of Rs. 100/- which is earlier deposited to central govt.
Party will claim this amount and will get refund.
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