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Answer Posted / kalpana dudhate
M Vat calculate On Billing basis
sales bill is vat is called out put of vat
purchase bill,expense bill,assets bill vat is called input
of vat
vat = out put - (less) input
balance amt is vat payable
note: assets vat is only take input take on 3% set off
| Is This Answer Correct ? | 6 Yes | 3 No |
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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