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Sold goods worth 425760 on credit to ABC Traders which is
inclusive of 4% vat tax.Pass sales entry with Vat tax
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Answer Posted / satyaki_raju@yahoo.com
Than Q very much for a speedy response But sorry for the
wrong answer.Under the system of double entry every debit
will have corresponding equal credit. But according to you
you debited ABC with 425760 but corresponding credit is
only 40872.60+17030.40=57903 So you commited a mistake in
tallying the corresponding entry.
We will discuss about the question once again
sale price is inclusive of 4% vat tax,in other words total
sale amount is basic price +vat tax
So calculation should be like this
If total sale price is 104 the basic price will be 100
If total sale price is 425760 what will be the basic price
The answer will be
425760*100/104=409384.60
Then the entry will be
ABC a/c dr 425760
To Vat output=(425760-409384.60)16375.40
To sales 409384.60
(Being sales with vat tax)
| Is This Answer Correct ? | 13 Yes | 0 No |
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