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Accounting entries as per Accounting Standards

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(Querist)
07 January 2009 1) Raw material order cost @ 100 /- per kg plus cenvat 4 % & AP Vat 4 %.

2) Ordered qnty = 1000 kgs

3) Material received is 950 kgs but the invoice is for 1000 kgs .( 50 kgs damaged condition and rejected )

4) Payment made is for 950 kgs only .


Can you plz suggest the Accounting entries as per Accounting standards ...
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Arbind Aggarwal

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Arbind Aggarwal (Expert)
07 January 2009 Make entry for 950 kg. of material cost+excise duty and VAT.

The credit of excise and VAT is available only for the quantity recd.
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Rashesh Patel

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Rashesh Patel (Expert)
07 January 2009 Make Entry for 1000 Kgs. + Excise & VAT ...and also make entry for Purchase Return of 50 Kgs + excise + vat
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