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