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Very difficult journal entry

Page no : 2

Akula Srinivas (Accounts Officer) (59 Points)
Replied 13 July 2012

agree with mr gourav


AEC.com Private Limited (Guide of Professional Courses (CS / CA / CMA / CAT))   (233 Points)
Replied 13 July 2012

 

In the question clearly express "purchase amounting Rs. 9,500 and Rs.500 discount" that means payment made only for Rs. 9,000 as advance, so Journal Entry on 29.03.2012:

Advance to Suppliers A/c                             Dr.     9,000

          To Cash/Bank A/c                                                       9,000

 

And, Entry to pass on 05.04.12:

Purchases A/c*                                             Dr.     9,135

VAT Input/paid A/c                                         Dr.        365

          To Advance to suppliers A/c                                       9,000

          To Cash Discount Received A/c                                   500

(If Rs. 9500 is inclusive of vat @ 4%)

1 Like

Lohith H P (Student) (45 Points)
Replied 24 July 2012

Dear Frnds

Plz tel me  how to pass journal Entry for Interest Accrued on Bank FD


CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 26 July 2012

I think ACE.com is much correct

Anil Kumar (assistant ) (21 Points)
Replied 08 November 2014

As on 29 march 2012 VENDOR A/C DR. 10000 TO CASH/BANK 9500. TO UN ACCRUED DISCOUNT 500 As on 05 Apr 2012 PURCHASE A/C DR. 9615 VAT A/C DR. 385 UN ACCRUED DISC. 500 TO VENDOR A/C 10000 TO DISCOUNT A/C 500


Rakesh Pati (Account & finance Executive )   (25 Points)
Replied 11 March 2016

please confirm which one is the correct entery 


santoshprasad (Accountant) (22 Points)
Replied 21 July 2016

there will be no entry for trade discount in accounting..

Entry will be on 29.03.2012 is ...Dr  Vendor A/c       9000

                                       Cr   Bank   A/c      9000

                   on 05.04.2013 is   Dr Purchases A/c  8640

                                              Dr Input Vat @ 4% A/c 360

                                              Cr Vendor A/c                    9000

Some pls reply


santoshprasad (Accountant) (22 Points)
Replied 21 July 2016

Some one please explain what is entry for "Proviosion for Depriciation" and "Provision for bad debts" and why we use it ???

 


Praveen Tawania (Owner) (369 Points)
Replied 22 July 2016

Agrred with Mr. Satish.


atanu (inter) (5 Points)
Replied 09 May 2017

Please make journal entries supporting to your answer



atanu (inter) (5 Points)
Replied 09 May 2017

suppose we have made a payment in advance for purchase amounting Rs 9,500 , Rs.500 discount and 4 % vat as on 29 march 2012( INVOICE DATED 30- MARCH 2012), and received goods as on 5 April 2012 because goods were in transit ,

now how will i pass journal entry in my books for 2011-12 and for 2012-2013 including discount, vat, purchase- in- transit.

i want journal entries. please tell me according to matching principle and revenue recognition principal.....

pls tell me journal entries with date


Rakesh Pati (Account & finance Executive )   (25 Points)
Replied 12 May 2017

DEBTOR AC DR

TO BANK AC

2. GOODS IN TRANSIT A/C DR 

TO CREDITOR A/C

3. PURCHASE A/C DR 

VAT A/C DR

TO GOODS IN TRANSIT A/C

 


PIJUSH ADHIKARY (2 Points)
Replied 12 September 2019

29.3.12 Advance to party a/c. Dr.10000 To cash / bank. 10000 5.4.12 Purchase a/c dr 10000(including Gst)  To adva.to party 9500 To dis. 500



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