Scrutiny

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2012 AT THE TIME OF SCRUTINY IF IT IS ASKED FOR THE INFO ON TOTAL PURCHASE AND SALES THAN IT IS CALCULATED BY CONSIDERING DISCOUNT OR NO. SUPPOSE PURCHASE IS rs 100000 AND DISCOUNT REC IS 1000 THAN TOTAL PURCHASE IS?IT SHOULD BE SHOWN NET PURCHASE OR WHAT?

Guest

Guest (Expert)

01 November 2012 you have to take total purchases as you have accounted.
but for charging VAT and other taxes on goods . always amount taken as shown in invoice.

example

invoice is as follows
item amt. Rs.25000
cash disc. Rs.2500
-------
so invoice amt. 22500
vat if 4% 900
------
total 23400
ok
if you get credit of vat then your purchase amount will be. 22500
and otherwise 23400
.

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2012 IF TRADE DISCOUNT IS GIVEN THAN IT SHOULD BE TREATED IN SAME WAY? IT MEANCE THAT WE SHOULDSHOW THE PURCHASE AT THE COST INCCURRED

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