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Treatment - Invoice.

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(Querist)
24 July 2011 Sir,
When we rise Invoice e.g.

Leather 10000 pcs @ Rs.160/- =1600000
VAT 4% = 64000
Packaging and forwarding charg = 9000

So, total invoice amount comes =16,73,000/-
When we prepare trading account which amount to be taken as sales Rs.16,00,000 or Rs.16,64,000/- or Rs.16,73,000/- and
VAT amount should be posted to P & L A/c.
Please clearify me.
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Sreekumar

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Sreekumar (Expert)
25 July 2011 VAT amount is not your revenue. P&F, I do not know how you are claiming. If it is re-imbursement, then not revenue.
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JIGAR DALAL

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JIGAR DALAL (Expert)
25 July 2011 Rs. 16,00,000 should be taken as Sales, VAT Amount rs. 64000/- should be taken to VAT Payabel A/c, while Packaging & Forwarding Exps. of Rs. 9000/- should be booked as selling & distribution exps. in P & L. VAT Amount is to be set off against VAT INPUT amount.
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