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
- 7079 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Hi guys, If anyone have gone through the CAPITAL IQ-Junior Research Associate interview then plz let me know about its pattern..and if anyone hav its placement papers or any other information then plz post to me at arshadbasha_mba@rediffmail.com
with out college degree con't we dc accounting job?
what is the use of accounting standards
Short answer on _______Amendment
what are responsibilities of an accountant in a company?
explain the financialand economic meaning of investment?
Ledger Is The Principle Book Of Accounts In Business. Do You Agree For It. Comment On Your Confirmation?
an amount deducted from the catalog price for an item of merchandise is called?
What is the Formula For Return on Working Capital
In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
which kind of expenses or Income will come under direct expenses or Income ?
can any one tell me what kind of qns are asked in gail entrance test. i m apearing for the exam of accounts & finance. please let me know the ans on my id pragneshmall1@gmail.com
What is the due date for filing monthly & annual sales tax returns in karanataka
in accounts welding institute which category will come for example 1. recruitment con.pvt ltd. is man power recruit category ,so iwant to welding institute (learning welding and fibrication)
why do u want to join bpo sector
