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Journal entry
purchase a/c (dr.)-4500,
Vat(dr.)-450,
Surcharge(dr.)-45,
To cash-4995. . .
Purchase shown net of discount.. By doing ths u wil nt be getng problem at ur sales tax asesment.
agree wid mr.verma
purchase a/c (dr.)-4500,
Vat(dr.)-450,
Surcharge(dr.)-45,
To cash-4995. . .
Purchase shown net of discount.. By doing ths u wil nt be getng problem at ur sales tax asesment.
agree wid mr. verma
| Originally posted by : M K U VARMA | ||
 |
I feel CASH DISCOUNT need not be brought into book as per basic accounting concepts. Secondly it will pose a problem under VAT since purchase value is NOT PROPORTIONATE to the amount of input claimed |
 I |
I agree with your treatment purchase should be debited with Rs. 4500/- not Rs. 5000/- and Rs.500 need not to taken in books
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