What will be the Journal Entry when we sell our Scrap (Consider both cases of manufacturing scrap / non manufacturing scrap) considering Sales Tax , VAT and Excise ?
CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
25 July 2012What will be the Journal Entry when we sell our Scrap (Consider both cases of manufacturing scrap / non manufacturing scrap) considering Sales Tax , VAT and Excise ?
CA Mayank Tulsyan
(B.Com(H), ACA)
(274 Points)
Replied 25 July 2012
Cash/ Bank a/c Dr
To Sale of scrap
To TCS payable (1% on amount inlusive of sale and VAT amount)
To VAT payable (as per state rates)
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)