Journal entry
This query is : Resolved
25 May 2012
purchase 25000 + VAT paid 5000
25 May 2012
what you are asking for purchase entry for purchasing product with tax or sett off entry for calculation of carry forward or payable vat
25 May 2012
If you are registered dealer and claiming set off then-
Purchase A/c(P&L A/c) Dr 25000
Input Vat Receivable A/c Dr (B/S)5000
To Sundry Crditors 30000
If no set off then-
Purchase A/c Dr 30000
To Sundry Creditors 30000
Purchase A/c(P&L A/c) Dr 25000
Input Vat Receivable A/c Dr (B/S)5000
To Sundry Crditors 30000
If no set off then-
Purchase A/c Dr 30000
To Sundry Creditors 30000
25 May 2012
agree with expert
now purchase entry is done but if you are also asking for sett off entry then it will be as below
output vat dr
to input vat
to vat payable
in case of input is less then output
vat payable dr
to bank a/a
vat paid
now purchase entry is done but if you are also asking for sett off entry then it will be as below
output vat dr
to input vat
to vat payable
in case of input is less then output
vat payable dr
to bank a/a
vat paid
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