Journal entry
Page no : 2
sudhir munjal
(Student)
(53 Points)
Replied 11 December 2012
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
sudhir munjal
(Student)
(53 Points)
Replied 11 December 2012
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
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 11 December 2012
| 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
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
