There is a firm Selling medicines. Some of the medicines which get expired are returned by the firm to the company after deducting vat on the purchase.Can anyone tell the accounting Entry to be passed in such case n shud we include these replaced products in Sales return n Purchase return.Thanx In Advance......
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Accounting entry
Replies (2)
pass a credit for that....
PARTY'S A/C DR.
TO PURCHASE OR PURCHASE RETURN A/C
TO VAT ON PURCHASE
(BEING GOOD RETURNED)
AS SAME FIGURES , WHEN YOU PURCHASE, MEANS THIS IS REVERSAL ENTRY OF PURCHASE OF GOODS .
AT THE TIME OF SUBMITTING RETURN INPUT VAT REDUCE WITH THE SAME AMOUNT OF VAT AUTOMATICALLY.
PLEASE REPLY IF YOU SATISFY
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