Interested to Buy Any Domain ? << Click Here >> for more details...
Actually we had Posted P.V.C bills to Indian Railway the
total bills amount is Rs.10,00,000/-, and government had
passed only Rs. 8,00,000/- and gov. had said that there are
no more P.V.c bills are lying outstanding in their a/c, so
for now are claiming Rs. 2,00,000/- as loss on sale, i m
totally confused what would be the impact on the Profit and
loss a/c , and in which group it will come,if I do a entry of:-
dr. Central sale @12.5% a/c Rs.2,00,00/-
Cr. Loss on sale a/c Rs.2,00,000/-
or
Will i adjust the Cst@12.5% on Pricipal Value, or will i
pass on the entry on total amount i.e Rs.2,00,00/-
Plz guide,me soon.
- 4 Answers
- 8263 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
This entry is wrong. make a credit note and Do as same
dr. Sales A/c Rs.1,77,777.77
dr. cst 12.5% Rs. 22,222.23
Cr. Indian Railway Rs.2,00,000/-
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / punit shah
Above Answer no. 1 Wrong Due to We have not Reverse Sales
it effect on Stock Balance. We assume it is Bad debts.Entry
is
Dr. Bad Debts......Rs. 2 Lacs
Cr. Indian Railway A/c....Rs. 2 LAcs
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / aks
It seems its neither a sales return nor a case of loss in
transit. If some documents are there to prove it a sales
return than Dr. Sale Dr CST and Cr Indian Railway. But in
case they have simply refused to pay than it is a Bad Debt
and the Entry will be
Dr. Bad Debt 2 lacs
Cr. Indian Railway 2 Lacs
| Is This Answer Correct ? | 4 Yes | 2 No |
Who are Debtors & Creditors?
EXPAND___________NHAI
Do you have reference list
1 Answers GSK GlaxoSmithKline,
what is payroll
When and who prepares Letter of credit and is any relation with bill of exchange? pleas breaf with examle.
what is accounting
EXPAND___________NIMS
What the journal entry pass for appreceation Fixes asset Dr Cash/Bank/Supplier Cr Is i m Wright
what is purchase consideration?
what do you h.s.b.c
define holding company,public company, if the compnay be a public company what will the criteria? asked on 30/7/09
what is debt equity ratio
7 Answers Banking, ICICI, State Bank Of India SBI,
Audit 
