What jounrnal enrty passed by mediator

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Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2013 can u solve my problem that Co. sell goods to Mediator 2200 include cst and Mediator sell goods to customer rs2600 inclusive vat 400..customer return goods to company directly....now i hv got problem that what journal entry should passed by mediator at the time of return of goods to company,,,,,,,,and what treatment of vat and cst....and mediator paid vat to govt.

Hemant Kumar

Hemant Kumar (Expert)

16 March 2013 Journal entries in your (X) books
1) Party A(Mediator) Ac. Dr. 2200.00
To Sales Ac. 2095.00
To Cst Ac. 105.00
2) Sales Return Ac. Dr. 2095.00
Cst Ac. Dr. 105.00
To Party A Ac. 2200.00

Journal entries in Party A (Mediator) Books.
1) Purchase Ac. Dr 2200.00
To Party X Ac. 2200.00

2) Party B Ac. Dr. 2600.00
To Sales Ac. 2200.00
Vat Ac. 400.00
3) Sales Return Ac.Dr. 2200.00
Vat Ac. Dr. 400.00
To Party B Ac. 2600.00

Journal Entries in Party B Books.
1) Purchase Ac. Dr. 2600.00
To Party A Ac. 2600.00

2) Party A Ac. Dr. 2600.00
To Purchase Return Ac. 2600.00

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2013 sir i want to know that what will entry passed by mediator only......

Hemant Kumar

Hemant Kumar (Expert)

16 March 2013 Journal entries in Party A (Mediator) Books.

1) Purchase Ac. Dr 2200.00
To Party X Ac. 2200.00

2) Party B Ac. Dr. 2600.00
To Sales Ac. 2200.00
To Vat Ac. 400.00

3) Sales Return Ac.Dr. 2200.00
Vat Ac. Dr. 400.00
To Party B Ac. 2600.00

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