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Pass a entry for purchase a material for Rs. 2000 inclusive
of VAT @ 4% on Rs. 1500 & @12.5% on Rs. 500 with narration
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Answer Posted / avijitsingh
( if Cash Purchase)
Net Purchase 4% dr 1442.40
VAT 4% dr 57.60
Net Purchase 12.5% dr 444.45
Vat 12.5% dr 55.55
to Cash/bank A/c. 2000
(Being cash purchases)
( if credit purchase)
Net Purchase 4% dr 1442.40
VAT 4% dr 57.60
Net Purchase 12.5% dr 444.45
Vat 12.5% dr 55.55
to Party A/c. 2000
( Being ... purchase of material on credit)
Party A/c. dr 2000
to Cash/Bank A/c 2000
(Being paid ch. / cash )
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