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Vat payable for rate difference from sellers

Accounting Entries 466 views 2 replies

Dear All,

When a seller raise a sales invocice for buyer on MRP or setfixed rate for buyer and after he give discount for rate difference he clearly mention in his invoice out put vat lum sum 1000 how how this amount will be treated with accounting entries waiting for your reply

Thanks in Advance

Amit Kumar

Replies (2)

Can you put in numbers in your quary...

Dear Baskar V

Suppose purchase was made RS-45000+5% Vat =45000+2250=47250 and after some time i recieved the credit note for rate differnce =Rs 450+5% Vat=450+22.5=472.5 so there is liability made for paying the sale tax to the dvat how will this transaction treat from credit not to vat payable

Thanks
 


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