Debit Note Entry

Shri Shri (Professional) (629 Points)

16 February 2011  

Axe  Purchased goods worth Rs.500/- Vat @ 4% Rs.20 from Bxe & goods returned of the aforesaid is Rs.200/-

Doubt 1 :

Entry Passed in tally for the above is :

 

Purchase @ 4%   ................Dr     500

Input vat @ 4%...................Dr       20

   To Bxe a/c...................................................520

 

Entry for Returns passed in tally :

Bxe a/c .............Dr        200

  To Purchases @ 4%      200

 

Is the above debit note entry correct or we should record Input Vat, if so wat will be the entry,

 


Doubt 2 :

In my second doubt on the aforesaid question, if a entry has been passed like below does it amounts to taking into account the returns?....

 Purchase @ 4%..........................Dr 500

                ref 5050 300 

               d/n 26      200

Input vat @ 4%...................Dr       20

        To Bxe a/c...................................................520