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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 / sagar
1-
Purchase A/c -------DR 19,200
Input Tax A/c-------DR 800
to Vendor A/c 20,000
(Being Purchase done on CR basis)
2-
Vendor A/c ---------DR 20,000
to Bank/Cash A/c 20,000
(Being cash paid to the vendor)
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