Received Invoice from Tvs Co. against purchase of 15 pcs of
Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?
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Answer / g.siva kumar
invoice bill A/C Dr 11,250/-
4% VAT A/C Dr 450/-
To TVS co., A/c 11,700/-
(Being invoice bills received from TVS co. and 4% VAT is calculated on that invoice)
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / gourab mistri
the journal is
Dr/Cr Ledger Amount
Credit Tvs Co. 11,700/-
Debit VAT @ 4% 450/-
Debit Inventories/ Purchase 11,250/-
Narration: Being the amount credited to Tvs Co. for 15 pcs
of Mouse @750/- with VAT@4%
| Is This Answer Correct ? | 7 Yes | 3 No |
Purchase Dr. 11,250.00
Input VAT Dr. 450.00
TVS Co. Cr. 11,700.00
| Is This Answer Correct ? | 2 Yes | 0 No |
Purchase Dr. Rs. 11250.00 (i.e., 750x15)
Input VAT Dr. Rs. 562.50 (i.e., 5% on 11250/-)
TVS Co. Cr. Rs. 11812.50 (i.e., 11250+562.50)
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / mahendra
mouse purchase a/c dr. 11250
vat dr. 450
To Tvs Com. cr. 11700
| Is This Answer Correct ? | 1 Yes | 0 No |
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