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
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