Debit Note Entry

A/c entries 4025 views 3 replies

Axe  Purchased goods worth Rs.500/- Vat @ 4% Rs.20 from Bxe & goods returned of the aforesaid is Rs.200/-

Doubt 1 :

Entry Passed in tally for the above is :

 

Purchase @ 4%   ................Dr     500

Input vat @ 4%...................Dr       20

   To Bxe a/c...................................................520

 

Entry for Returns passed in tally :

Bxe a/c .............Dr        200

  To Purchases @ 4%      200

 

Is the above debit note entry correct or we should record Input Vat, if so wat will be the entry,

 


Doubt 2 :

In my second doubt on the aforesaid question, if a entry has been passed like below does it amounts to taking into account the returns?....

 Purchase @ 4%..........................Dr 500

                ref 5050 300 

               d/n 26      200

Input vat @ 4%...................Dr       20

        To Bxe a/c...................................................520

Replies (3)

your fast enrty of goods return is wrong the correct entry is

 

Bxe A/c ............Dr       220

input vat.............cr         20

Prchaes 4%........Cr          200

Originally posted by : jitender kumar

your fast enrty of goods return is wrong the correct entry is

 

Bxe A/c ............Dr       220

input vat.............cr         20

Prchaes 4%........Cr          200

The correct entry would be

Bxe A/c ............Dr       208

input vat.............cr         8

Prchaes 4%........Cr          200

i am agree....... 


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