Accounting in tally
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2013
My query is how to account a purchase entry and sales entry in tally for a trading company.
For eg. purchase 1000+50(5%tax)=1050/= a tax invoice. please clarify below mentioned flow is right or wrong.If wrong please explain the correct entry.
1.put entry of stock inward shwon as stock journal.
2.then pass a purchased-tax invoice under journal ie.purchase Dr 1000
ot@5% 50
To ABC 1050
(being xxx purchased)
Now we are selling this product to our client. then I pass the below entries
1.entry for stock outward shown as stock journal.
2.pass a sales under journal ie.
xyz Dr 1155
To Sales 1100
To it@ 5% 55
(being xxx sold to xyz)
is this is right way of accounting in tally?
For eg. purchase 1000+50(5%tax)=1050/= a tax invoice. please clarify below mentioned flow is right or wrong.If wrong please explain the correct entry.
1.put entry of stock inward shwon as stock journal.
2.then pass a purchased-tax invoice under journal ie.purchase Dr 1000
ot@5% 50
To ABC 1050
(being xxx purchased)
Now we are selling this product to our client. then I pass the below entries
1.entry for stock outward shown as stock journal.
2.pass a sales under journal ie.
xyz Dr 1155
To Sales 1100
To it@ 5% 55
(being xxx sold to xyz)
is this is right way of accounting in tally?
23 July 2013
Correct entry.
1) Purchase
Purchase ac. Dr. 1000.00
(Item name...Qty...Rate...Amount)
Input Vat 5% Dr. 50.00
To Sundry Creditors Ac.
2) Sales
Party Ac (XYZ)..Dr. 1155.00
To Sales Ac. 1100.00
(Item name...Qty..Rate...Amount)
To Vat output 5% Ac. 55.00
1) Purchase
Purchase ac. Dr. 1000.00
(Item name...Qty...Rate...Amount)
Input Vat 5% Dr. 50.00
To Sundry Creditors Ac.
2) Sales
Party Ac (XYZ)..Dr. 1155.00
To Sales Ac. 1100.00
(Item name...Qty..Rate...Amount)
To Vat output 5% Ac. 55.00
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Should I report my US salary for January, February, March in Schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
