what is the journal entry?
goods purchased by ram on credit for 1000 which includes
vat rs.100 in it
Answers were Sorted based on User's Feedback
Answer / anil
purchase a/c. dr. 900
vat a/c dr. to 100
(party name) 1000
(being goods purchase by ram on credit including vat)
Is This Answer Correct ? | 88 Yes | 11 No |
Answer / moti
purchase material a/c dr 900
vat payable a/c dr 100
TO RAM'S A/C. 1000
(BEING GOODS PURCHASED ON CREDIT)
Is This Answer Correct ? | 48 Yes | 22 No |
Answer / satyaki_raju@yahoo.com
Purchases a/c dr 900
Vat input a/c dr 100
To supplier a/c 1000
(Being purchase on credit)
Is This Answer Correct ? | 22 Yes | 4 No |
Dr Purchase of goods A/c---900
Dr Vat input A/c 100
Cr Suppliers A/c 1000
(Being goods purchase which is inclusive of vat tax)
Is This Answer Correct ? | 23 Yes | 6 No |
Answer / akhtar
Purchase A/c Dr 900
Input vat A/c Dr 100
Ram A/c Cr 1000
(being goods purchase on credit as per bill no-)
Is This Answer Correct ? | 23 Yes | 14 No |
Purchases a/c Dr. 900
Vat a/c Dr. 100
To Creditors a/c 1000
Is This Answer Correct ? | 8 Yes | 3 No |
Answer / annapurna
all purchases must be debited hence debited
Vat tax which is added to purchases is an input tax All
input taxes will be debited.Any payable is a liability and
will be always on credit side only.Here Ram purchased from
somebody so somebody(supplier) has to be credited
Is This Answer Correct ? | 9 Yes | 5 No |
Answer / deepak jain
Purchases a/c Dr. 900
Input Vat a/c Dr. 100
To, Ram's a/c 1000
(Being credit purchases from Ram)
Is This Answer Correct ? | 5 Yes | 1 No |
Expand-------ARCD
what is sevice tax? on what service tax is applicable. explain with examples?
what is accouunt.
what is the retainned earnings account? why are you take for the x?
would gross expenditure vouch the correctness or otherwise of the given expenses?
• What is BRS, with an example?
7 Answers Accenture, College School Exams Tests, Genpact, Intelenet, Mellon,
how to entry in tally for other person check received
Please explain Undistributed Profits?
suffix(Ltd) after companys name indicates what
What is securitization
Dear Sir/Madam, Executive Trainee...Finance I had been called for NTPC Group discussion and GD please guide me for getting success in GD and interview...
What do you mean by the working-capital of an organization??? How is it calculated????? Also Define the importance of liquidity ratio along with its formula.
5 Answers BA Continnum Solutions,