Answer / rakeshkumar

seller as to bear the tax

Answer / ajin mathew

This question can be answered on 2 viewpoints:

1.Buyer's point of view:

Here purchase is credited and the party should be debited if it is a credit purchase. here the buyer pays the tax and if he returns the goods due to damage or any other reasons the seller is liable to pay him the price which includes the tax amount also.So the entry is

Party(seller)a/c Dr


To Purchase Return

To Input VAT

2. Seller's point of view

Here Sales is debited and the party should be credited if it is a credit sales.Here the seller collects the tax and he is liable to pay back the buyer his price which includes the tax collected by him.the entry is:


Sales Return a/c Dr

Output Tax Dr


To Party(Buyer)a/c

If salary paid per month Rs 40000/ I will deduct TDS from his salary, please what I do explain.(send Urgently)

7 Answers   Aegis,

---

What is NEFT? and its Limit(if any)

4 Answers   Amit Enterprises,

---

what role did you play in collections?

0 Answers  

---

What is difference between budget & budgeting

1 Answers  

---

what differance Between Capital reserv and reserve capital?

4 Answers   Dharampal Satyapal Limited, Genpact,

---

Do you know any other accounting application?

0 Answers  

---

The Actual Rent was 12000,in the month of Feb i had paid 15000 and in the month of march i had paid 3000. Pass the necessary Journal entry for this.

27 Answers   Accenture, Genpact, Sunshine,

---

i WANT TO KNOW WHAT IS THE INTEREST RATE IF WE CAN NOT PAY THE DEPOSIT SALE TAX AMOUNT WITH IN PERIOD

0 Answers  

---

what are the types of leverage ratios?

3 Answers  

---

GOODS LOST BY FIRE 100 RS, INSURANCE MONY RECEIVED 120,40 PENDING FOR FINAL SETTLEMENT- Journal Entry

0 Answers   Infosys,

---

What is deffered tax liability / assets?

2 Answers  

---

Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) Profits. (b) Reserves. (c) Accumulated Profits. (d) Goodwill.

1 Answers  

---