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Wat is the journal entry for credit sales with vat
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Answer Posted / m.l.v
PURCHASE MATERIAL A/C...............DR
VAT A/C.............................DR
TO SUNDRY CREDITORS A/C
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I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.
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