20 December 2014
1.What will be journal entry if we can purchase the material on credit from X party of Rs 1000 + Excise duty 12.36% + VAT 5%
2.What will be journal entry if we can sale the material to Y party on credit of Rs 2000 + Excise duty 12.36% + VAT 5%
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Guest
Guest
(Expert)
20 December 2014
On Purchase
Purchase account Dr. 1000 Excise Duty Recoverable a/c Dr. 120 Education cess on Excise a/c Dr. 2.4 H.Education cess on Excise a/c Dr.1.2 Vat 5% recoverable a/c Dr. 6.18 To Party account 129.78
On Sale
Party account Dr. 2259.56 To Sale account 2000 To Excise Duty Payable a/c 240 To Education cess on Excise Payable a/c 4.8 To H.Education cess on Excise Payable a/c 2.4 To Vat 5% Payable a/c 12.36
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