A Journal Entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2010
Plz. anybody tell the Journal Entry for the following Case :-
If a Trader in his Invoice shows the Carriage borne for the Purchaser which is to be reimburshed along with the Cost of Goods ??
If a Trader in his Invoice shows the Carriage borne for the Purchaser which is to be reimburshed along with the Cost of Goods ??
26 February 2010
If carriage is shown in the invoice it is incorrect. Use of Debit notes for such transaction is advised, as sales tax will have to be charged inclusive of the carriage cost.In the journal entry credit salesA/c with value of the sale;credit transport/carriage ioutwards with transport cost; credit excise duty to cenvat A/c; credit sales tax withamount of sales tax and debit customer with the total amt.
26 February 2010
If you are purchaser
Debit: Transportation
Credit: Supplier
If you are Seller
Debit:Customer
Credit: Transport charges receivable
Debit: Transportation
Credit: Supplier
If you are Seller
Debit:Customer
Credit: Transport charges receivable
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2010
Thanks both the Experts for their opinions.
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