Vat problem
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2015
Dear all expert, we are printing manufacturing company. we have sold some printed sheet 5% vat applicabe to XYZ ltd. a few month later XYZ ltd. has send back that printed sheet complaint the sheet was not printed properly & ink quality was not good while printing the sheet. now we have repaired that sheet again hence row material (ink) 5% vat has been consumed again to repair that sheet. my Query is. we cannot issue the bill to XYZ ltd. for repairing that goods. but the ink 5% has been consumed again. now how the ink 5% vat will be adjust fact that cannot issue the bill...
02 March 2015
1. VAT on sale was booked.
2. VAT on goods returned is also to be reversed
3. VAT on rework done will again be booked.
Hence, VAT will be affected only once and not twice.
2. VAT on goods returned is also to be reversed
3. VAT on rework done will again be booked.
Hence, VAT will be affected only once and not twice.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2015
Dear expert.
hear's my query in details.
suppose.
i have execute any goods rs 100/- and we have sold this goods by charging 5% vat the total bill amount is RS. 105/- but this goods was in under guarantee period for one year . now few month later the debtors complaint about the goods Quality. he has return the goods and i have rework it aging. to rework my materials (INK) has been consumed again which was 5% Taxable.
plz. guide me in details.
hear's my query in details.
suppose.
i have execute any goods rs 100/- and we have sold this goods by charging 5% vat the total bill amount is RS. 105/- but this goods was in under guarantee period for one year . now few month later the debtors complaint about the goods Quality. he has return the goods and i have rework it aging. to rework my materials (INK) has been consumed again which was 5% Taxable.
plz. guide me in details.
02 March 2015
1. When you booked first sale, it should have been like
Cash A/c Dr. 105
To Sales A/c 100
To Output VAT 5
2. On the return for rework you'll pass an entry
Sales A/c Dr. 100
Output VAT A/c Dr. 5
To Cash 105
3. Again when the rework is done and the material is sold entry 1. will be repeated, hence the VAT will be affected only once.
Cash A/c Dr. 105
To Sales A/c 100
To Output VAT 5
2. On the return for rework you'll pass an entry
Sales A/c Dr. 100
Output VAT A/c Dr. 5
To Cash 105
3. Again when the rework is done and the material is sold entry 1. will be repeated, hence the VAT will be affected only once.
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