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 ?
CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
25 July 2012What 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 ?
CA Mayank Tulsyan
(B.Com(H), ACA)
(274 Points)
Replied 25 July 2012
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)
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