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Accounting Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2010 if i earn Rs 105/- from a bill where Rs. 5/- is VAT, how much amount should be shown in credit side of P/L a/c ( Rs. 105/- or Rs. 100/-?
What will be the actual accounting entry ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 June 2010 party ---dr 105
to, sales 100
to vat output 5
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
27 June 2010 AGREE. RS.100 SHOULD BE SHOWN IN CREDIT SIDE OF PL A/C.
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