Sales return entry

Make a sales return entry for Rs.10,000/- and a new sale entry for Rs.7,000/-

Following entries to be passed:-

1) In case Goods returned

Sales A/c                            Dr.        8889

VAT A/c                              Dr.       1111

     To Mr. A A/c                                           10000

[Being goodsa retuned by Mr. A]

2) In case of goods sold to Mr. A

Mr. A A/c                             Dr.          10000

   To Sales A/c                                                     8889

   To Output VAT A/c                                         1111

[Being Goods sold to Mr. A]

Regards,

Devendra K

Agreed with Raj kumar. It's most clear. Does not need any explanation at a later date to any body even in your absence.

Originally posted by : Bhavesh C. Vyas
	Pls. can anybody tell me How to pass a Sales Return entry in following case "Mr. A " return Goods Worth 10000/- (for Eg.: Table) and Buy the Goods Worth 7000/- (for Eg.: Chair) and there is a VAT on Sales also. so how to post the above entry pls. let me know. Regards

As we are the Vendor

1st entry : Good return by Mr.A 

Return Inward   Dr.

VAT @ 12.5%        Dr.

To Mr. A

2nd entry:  Purchase made by Mr. A

Mr. A    Dr.

To Sales

To VAT @ 12.5%

*note, VAT is an Indirect Tax, it would be additional to the amount of sale/Purchase.

Thanks..

Originally posted by : Devendra
	Following entries to be passed:- 1) In case Goods returned Sales A/c                            Dr.        8889 VAT A/c                              Dr.       1111      To Mr. A A/c                                           10000 [Being goodsa retuned by Mr. A]     2) In case of goods sold to Mr. A Mr. A A/c                             Dr.          10000    To Sales A/c                                                     8889    To Output VAT A/c                                         1111 [Being Goods sold to Mr. A]     Regards, Devendra K

VAT is an Indirect Tax, it would be additional to the amount of sale/Purchase.

Agreed With Rajkumar, keep it simple...........

i agree with Mr Raj Kumar. Its Simple,

Will anybody plz tell me about the rate of PF & Esic on Salary Deduction.

& what is the use of St - 38  & Vat C -4 .

Thanks

Hi,

PF needs to be deducted @ 12% of the Basic salary+DA from the employees salary & Employer also contributes the same percentage. However out of the employers contribution 3.67& goes to PF & the balance goes to pension fund

With effect from May2010, the limit for ESI is being increased to Rs.15k.  If the gross salary exceeds this limit then no ESI needs to be deducted.  The ESI is calculated @ 1.75 of the gross salary & the employer also contributes 4.75 of the gross salary of the employee.

Originally posted by : Bhavesh C. Vyas
	Pls. can anybody tell me How to pass a Sales Return entry in following case "Mr. A " return Goods Worth 10000/- (for Eg.: Table) and Buy the Goods Worth 7000/- (for Eg.: Chair) and there is a VAT on Sales also. so how to post the above entry pls. let me know. Regards

Every on saying about the sales entry wat abt the purchase entry. 

We need to pass purchase entry also

Purchase A/C   DR  7,000/-

                 To  Cash A/C    7,000/-

I agree with above entry

Thanks

If the price is inclusive of Vat then:

1) In case of Goods returned

Sales A/c                            Dr.        8772

14%VAT A/c                              Dr.       1228

     To Mr. A A/c                                           10000

[Being goodsa retuned by Mr. A]

 

 

2) In case of goods sold to Mr. A

Mr. A A/c                             Dr.          7000

   To Sales A/c                                    6140                

   To Output 14%VAT A/c                                    860    

[Being Goods sold to Mr. A]

Or a net entry may b passed as below:

Sales a/c       2632

14%vat tax     368

        To A a/c            3000

(beinf sales return received and adjusted with the new sales made to Mr.A)