vat paid on purchase is it comes on direct expenses or
indirect expenses
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
VAT paid on purchase is neither Direct Expense nor Indirect
Expense.
Since the purchaser is entitled for VAT credit, till the
credit is availed (Adjusted to VAT payable on sales) it
appears under Current Assets, Loans & Advances.
In case of VAT on purchase of input credit restricted items,
then the amount can be debited to the concerned purchase a/c
(In this case since VAT credit is not available, it will
increase the cost of goods purchased by VAT amount)
Is This Answer Correct ? | 21 Yes | 1 No |
When we paid tds on rent how will journal entry will come and how to enter in tally software?
entry of salary after deducting esi and pf
I m working in NGO. we have taken loan from a person or other project in march and returned in may. So what are the entries in tally should be. what are the ledgers to be created and under which group? what are the journal entries?
What is fiduciary accounting?
Tell me do you possess any knowledge about accounting standards?
What accounting Treatment we should do while we received Amount Rs 39200 After deducting Tds 800 From Invoice Amount 40000. Kindly also explain for deducting Tds should be booked under which Head of Tally.
What is the difference between accounts & Finance?
1 Answers Muthoot Group, Weber,
The following figures relate to the trading activities of M/s ABC Traders Ltd for the year ending 31 March 2004. Particulars Amount (Rs) Sales 5,20,000 Opening stock 76,250 Purchases 3,22,250 Closing stock 98,500 Sales return 20,000 Selling and Distribution Expenses Salaries 15,300 Advertising 4,700 Travelling 2,000 Administrative Expenses Salaries 27,000 Rent 2,700 Stationery 2,500 Depreciation 9,300 Other charges 16,500 Provision for tax 4,000 Non Operating Income Dividend on shares 9,000 Profit on sales of shares 3,000 Non Operating Expenses Loss on sale of fixed asset 4,000 You are required to: (i) Arrange the above figures in a form suitable for analysis. (ii) Show separately the following ratios. Net profit ratio Operating ratio Stock turnover ratio
Hey guyz I m looking for a Job in Accounts Sector can anyone help me I hve 2 yrs of work experience...
WHAT DOES MEAN BY RECONCILLATION EXCESS/SHORTAGE
Purchases book records: (a) All cash purchases. (b) All credit purchases. (c) Credit purchases of goods in trade. (d) None of the above.
what is the enty for contract bill raised?