sidharth (owner) (59 Points)
01 January 2010scenario
We are a prop. firm, non excise. We buy a 'product A' and get some job work done on it and sell it to end user.
The job worker raises an invoice on us charging 'VAT on material charges' and 'Service Tax on labour charges'.
Guide me how to make voucher entry. I am using Tally 7
So Far: make a sub head JOB WORK under purchases head and make a non item invoice entry as - Purchase A/c Dr. (Balance Amount), Input VAT A/c Dr. (VAT Amount), Party A/c Cr. (Invoice Amount)
sidharth
(owner)
(59 Points)
Replied 02 January 2010
we are registered under VAT for trading
we are getting the JOB WORK done from someone.. not doing it
SUNIL SINGH
(ACCOUNTANTS AND INCOMETAX WORKS)
(142 Points)
Replied 02 January 2010
if u choice, take two bill take recd. from jober party, means first bill on VAT Invoice and Second Bill on Job Charges(Labour Charges) and
VAT Invoice bill entry
Purchases a/c dr.
VAT a/c dr
to XYZ Party
and Job Charges bill entry
Job Charges a/c Dr.
to XYZ Party.
if U hace take One Bill Only than entry
Purchases a/c dr
VAT a/c dr
Job Charges a/c Dr.
to XYZ Party
sidharth
(owner)
(59 Points)
Replied 02 January 2010
ok.. getting it ..
you mean material charges goes to purchase a/c and labour charges goes to jab work a/c.
Please confirm:
there is no item entered during the entry, inventory is not asffected
job work charges is ... under direct expenses or purchases head??
sidharth
(owner)
(59 Points)
Replied 03 January 2010
VAT registration thing is all okk and clear.. i just wanna confirm the entry...
scenario:
A product is purchased from party A, invoice is raised on us.
some polishing is done by party B, Party B raises invoice on us - material charges and labour charges...
Please confirm: entry for invoice raised by party B
material charges goes to purchase a/c and labour charges goes to job work a/c.
there is no item entered during the entry, inventory is not affected
job work charges is ... under direct expenses or purchases head??
CAclubindia
