Journal entry

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2014 1.What will be journal entry if we can purchase the material on credit from X party of Rs 1000 + Excise duty 12.36% + VAT 5%

2.What will be journal entry if we can sale the material to Y party on credit of Rs 2000 + Excise duty 12.36% + VAT 5%

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Guest

Guest (Expert)

20 December 2014 On Purchase

Purchase account Dr. 1000
Excise Duty Recoverable a/c Dr. 120
Education cess on Excise a/c Dr. 2.4
H.Education cess on Excise a/c Dr.1.2
Vat 5% recoverable a/c Dr. 6.18
To Party account 129.78

On Sale

Party account Dr. 2259.56
To Sale account 2000
To Excise Duty Payable a/c 240
To Education cess on Excise Payable a/c 4.8
To H.Education cess on Excise Payable a/c 2.4
To Vat 5% Payable a/c 12.36