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Very difficult journal entry

Others 1637 views 2 replies

akash

160 Points Posted on 04 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.

and what about if sales in transit ..please explaind me i m very confused about treatment of discount according to prudence principle of accounting.....

Replies (2)

Aarush

Delhi

1566 Points Posted on 04 July 2012

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

To Goods in Transit 10000

05th April 2012

2. Party A/c Dr 500

To Discount Recived 500

@CS Siddharth Bumb.

B.Com CA Final CS

5270 Points Posted on 04 July 2012

Originally posted by : Gaurav Aggarwal
	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 To Goods in Transit 10000 05th April 2012 2. Party A/c Dr 500 To Discount Recived 500