akash (no) 03 July 2012
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
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) 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.
Aarush (Delhi) 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