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Tally entry for purchase bill
suppose purchase bill having following content:-
material cost............100000 insurance chrgs...500
service tax 12% ....60
cess 3%................ 1.80
transport chrgs......... 5000
octroi... 1500
subtotal................ 1017061.80
vat @ 12.5%...... 13382.725
total ..... 1030444.52
what should be the entry for above purchase bill???
Replies (2)
Purchase Dr.................................................................................................107061.8
Vat Inpur Dr..................................................................................................13382.73
To Vendor.............................................................................................................................120444.53
But vendor has wronlgly charged vat he must not include transport charges for computing vat.
Thanx for your valuable reply.
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