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......
Menu
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
Recent Topics :
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
- TDS JUSTIFICATION REPORT
Related Topics :
CAclubindia
