What will be the Journal Entry when we sell our Scrap (Consider both cases of manufacturing scrap / non manufacturing scrap) considering Sales Tax , VAT and Excise ?
Menu
Journal entry
Replies (1)
Cash/ Bank a/c Dr
To Sale of scrap
To TCS payable (1% on amount inlusive of sale and VAT amount)
To VAT payable (as per state rates)
Recent Threads
- What is the Accounting Treatment for the CAR buy b
- Intraday loss & FNO loss - small amount
- Query on carrying documents in case of e-way Bill
- 194C Income can be claimed under Other sources?
- ITR 2 filing error after validation
- ITR filing STCG LTCG
- TDS deducted against PF withdrawal
- VRS / Severance Pay full exemption u/s 89 ( 10E fo
- Sponsorship fees GST
- Error in verification of ITR-2
Related Threads
CAclubindia
