Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 February 2012
1.when a customer booking for a car by payinag an advance amount of rs.1000. what is the journal entry?
2.Are sales tax and VAT differentiated each other,if yes how?
2.Are sales tax and VAT differentiated each other,if yes how?
11 February 2012
Car co. name (adavance) Dr. Under loans and advances (assets)
TO Cash / Bank. cr.
Sales tax and VAT are same.. the regime upto 2005 was sales tax and later changed to VAT w.e.f 01.04.2005
TO Cash / Bank. cr.
Sales tax and VAT are same.. the regime upto 2005 was sales tax and later changed to VAT w.e.f 01.04.2005
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