Very difficult journal entry


akash (no)     03 July 2012

akash
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suppose 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.

 

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Rao Satish (Sr Manager-F & A)     04 July 2012

Rao Satish
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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%)

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mehul (ca final student)     04 July 2012

mehul
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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.

 

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CA Karan Lodhi (CA and B.com(hons.))     04 July 2012

CA Karan Lodhi
CA and B.com(hons.) 
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Agreed with Mr. Rao Satish

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Sarat Kumar Sahoo (Chartered Accountant)     04 July 2012

Sarat Kumar Sahoo
Chartered Accountant 
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Both are correct

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Harshal Fifadra (Chartered Accountant)     04 July 2012

Harshal Fifadra
Chartered Accountant 
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agree with rao satish .......

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Deepak T Shetty (Chartered Accountant)     04 July 2012

Deepak T Shetty
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Correct correct correct ! :)

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Aarush (Delhi)     04 July 2012

Aarush
Delhi 
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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

Lohith H P (Student)     06 July 2012

Lohith H P
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AGREE WITH MR. GAURAV

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Vinod S. (Audit & Accounts Assistant)     07 July 2012

Vinod S.
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Agree with Mr Gaurav


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