Hi, Its Mahendra,
I want to know that :
Question 1 :
One of my client has made sale of Rs.10,000/- , Net 12.50% is Rs.8,888/- and Vat 12.50% is Rs.1,111/-.
Now the party has deducted vat amount and only paid Rs.8,888/-. so how to make an entry and what will be vat payable my party to government.
Question 2 :
Another is my client has purchase goods Rs.50000/- and when goods received there is a damaged in goods nearly amount to Rs.20,000/- goods are taxable @ 12.50% vat. , my client has paid only Rs.30,000/-. so what will be the entry and what will be vat adjustment.
Please reply.
CAclubindia
