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
- 8118 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 |
what is use in form 38 in sales tax
what is exercise duty how to calculate that and how to update in tally
how many schedules are there in accounting?
can anybody send me interview question&answer to me in accounts and finance and income tax....my mail.id...jagathis1986@gmail.com
My Question regarding owners drawings. case1; If owner paid some expenses from his own pocket and later that amount added to his salary then what adjustment entries will needed.
What is Owner's Equity?
Deposited Rs 25000 in Canara Bank of ABC co towards dealership deposit thru our SBH Bank Pass necessary entry
Answered but misspelled pl correct BOOK kEEPING IS AN ACTIVITY CONCERNED WITH (Ans.RRECOGDIN)
How can I find out my credit rating score for free?
What do you think you do well?
10 Answers AVV, Bank Of America,
what is EDP reports?
credit card entry in tally
Audit 
