akash (no) (160 Points)
03 July 2012suppose we have made a payment in advance for purchse amounting Rs 9,500 and Rs.500 discount as on 29 march 2012, and received goods as on 5 april 2012. now how will i pass journal entry in my books for 2011-12 and for 2012-2013 including vat. i want journal entries. please tell me according to matching principle and revenue recognition principal..... pls tell me journal entries with date.
Rao Satish
(Sr Manager-F & A)
(65 Points)
Replied 04 July 2012
Entry to pass on 29.03.12
Dr Vendor a/c : 9500
Cr. Cash discount on Purchases : 500
Cr.Bank A/c : 9000
Entry to pass on 05.04.12
Purchases A/c 9136
Vat receiable A/c 364
To Vendor A/c 9500
(If 9500 is inclusive of vat @ 4%)
mehul
(ca final student)
(83 Points)
Replied 04 July 2012
also check weather date of invoice is in 12-13
if invoice date is 11-12 then you have to book sale in transit and claim vat set off in the year 2011-12
otherwise vat set off will not allow by vat department.
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 04 July 2012
Deepak T Shetty
(Chartered Accountant)
(121 Points)
Replied 04 July 2012
Correct correct correct ! :)
Aarush
(Delhi)
(1566 Points)
Replied 04 July 2012
how discount received (500) can account for in 29th March 2011 when goods not received ? is this discount on payment ? in question payment to vendor is 9500 (10000-500) instead of 9000.
where is goods in transit account ? on what basis payment has made ? if on performa invoice basis than it should route through goods in transit.
29th March 2012
1. Goods in Transit Dr 10000
To Party Cr 10000
2. Party A/c Dr 10000 OR 9500 (Check at own)
To Bank / Cash
05th April 2012
1. Purchase A/c Dr 10000 (Including Vat, can bifurcate in vat in seprate account)
To Goods in Transit 10000
05th April 2012
2. Party A/c Dr 500
To Discount Recived 500
CA Manish Chainani
(Business)
(111 Points)
Replied 07 July 2012
HEY FRIENDS
I have a doubt as in qusetion it is clearly said the payment is as advance and goods are not
tranferred fro supplier then how we will book it as stock in transit
CA Manish Chainani
(Business)
(111 Points)
Replied 07 July 2012
acco, to me
in pre. year
supplier dr. 9000
to bank 9000
then in cy
purchase dr. 9500(Inclusive vat, u can bfrct)
to sup 9000
to cd 500
Lohith H P
(Student)
(45 Points)
Replied 07 July 2012
in the prv. Year
Supplier A/c Dr 9500
to Bank A/c Cr 9500
Current Year
Purchase A/ c Dr 9000
Vat A/c Dr 500
to supplier A/c Cr 9500
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