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 ?
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 ?
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)
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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CAclubindia
