Interested to Buy Any Domain ? << Click Here >> for more details...
What will be the Journal Entry for this?
Purchases goods from vendor worth Rs.20000.VAT included 4%.
- 28 Answers
- 39498 Views
- Ernst Young, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / m v sivaiah
Purchase A/c 19231 Dr
input tax 769 Dr
to vendor a/c 20000 Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / srikanth.g
calculation for including vat
20000x4/104=769.230769
round off=769
journal entry
purchase a/c dr 19231
input vat 4% a/c 769
To party a/c 20000
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / dileep kumar
Purchase A/c Dr. 19230.77
Inpur VAT@4% Dr. 769.23
To. Vendor A/c 20000
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sagar
1-
Purchase A/c -------DR 19,200
Input Tax A/c-------DR 800
to Vendor A/c 20,000
(Being Purchase done on CR basis)
2-
Vendor A/c ---------DR 20,000
to Bank/Cash A/c 20,000
(Being cash paid to the vendor)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ankur katyal
Vat is included in Rs20,000.
Hence entry should be
Dr purchase a/c Rs.19,230.76
Dr Vat a/c Rs.769.24
Cr Vendor a/c Rs. 20,000
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / shilpa
By purchase A/C DR. 19231
BY input vat 4% DR. 769
TO vendor A\C 20000
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / amarnath
Purchase A/C DR 19200
VaT A/C DR 800
To Vendor A/C 20000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / manish goel
purhase A/C dr. 19200
Input vat 4% A/C dr. 800
To Vendor A/C 20000
| Is This Answer Correct ? | 0 Yes | 0 No |
Do you know in accounting, vat abbreviates what?
What is difference between Cash Flow and fund flow
what is difference between trail balance and balance sheet
2 Answers MC Packaging, Wipro,
What is BRS? Why BRS?
What will be the journal entry in the case of Debit Memo and Credit Memo?
what is indian income & foreign income
Is there a difference between accounting for conversion of bonds and accounting for the conversion of preferred stock?
sold private car for rs 4,000 and bought a new one with proceeds for bussiess plus rs 5.000 from office cash what will be the journal entry
What is cost of goods?
What is short term solvency ratio?
what are the entries for staff taken advance in tally? what are the ledgers to be created for this and under which group? and what are the voucher entries when the advance is refunded?
What is the golden rule of General Ledger?
Audit 
