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What will be the Journal Entry for this?
Purchases goods from vendor worth Rs.20000.VAT included 4%.
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Answer Posted / fathima
If on cash basis then the entry is
Purchase a/c Dr 19,200
Input vat4% a/c Dr 800
To Cash 20,000
If on credit basis then the entry is
Purchase a/c Dr 19,200
Input vat4% a/c Dr 800
To Party 20,000
Party a/c Dr 20,000
To Cash 20,000
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Hi,Friends, I have a simple question in my mind that I have one head office that in faridabad and other branch in delhi,i purchase material in delhi for availing the tax benefit in delhi then i transfer the same material to head office(faribabad) agianst "F" form,i purchased material in delhi basic price rs. 5 +.42 taxes it comes rs. 5.42/-,my question is on which amount i should transfer the material from delhi to faridabad i.e 5,5.42 or 5 + freight(if any).kindly please solve my problem.
I have transferred the Plant & machines to our Branch which are located in other state. plz told me how can i show the Machin stk trfr amt in return?
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