Bhavesh (Accounts) (899 Points)
06 November 2011Pls. can anybody tell me How to pass a Sales Return entry in following case
"Mr. A " return Goods Worth Rs.10000/- (for Eg.: Table) and Buy the Goods Worth Rs.7000/- (for Eg.: Chair) and there is a VAT on Sales also. so how to post the above entry pls. let me know.
Regards
Anupam Bajaj
(Student)
(111 Points)
Replied 07 November 2011
Rajkumar
(Accountant)
(68 Points)
Replied 07 November 2011
Make a sales return entry for Rs.10,000/- and a new sale entry for Rs.7,000/-
Devendra
(Chartered Accountant)
(4775 Points)
Replied 07 November 2011
Following entries to be passed:-
1) In case Goods returned
Sales A/c Dr. 8889
VAT A/c Dr. 1111
To Mr. A A/c 10000
[Being goodsa retuned by Mr. A]
2) In case of goods sold to Mr. A
Mr. A A/c Dr. 10000
To Sales A/c 8889
To Output VAT A/c 1111
[Being Goods sold to Mr. A]
Regards,
Devendra K
CMA Sonu...
(Asst. Manager - Finance)
(158 Points)
Replied 07 November 2011
| Originally posted by : Bhavesh C. Vyas | ||
 |
Pls. can anybody tell me How to pass a Sales Return entry in following case "Mr. A " return Goods Worth 10000/- (for Eg.: Table) and Buy the Goods Worth 7000/- (for Eg.: Chair) and there is a VAT on Sales also. so how to post the above entry pls. let me know. Regards |
 |
As we are the Vendor
1st entry : Good return by Mr.A
Return Inward Dr.
VAT @ 12.5% Dr.
To Mr. A
2nd entry: Purchase made by Mr. A
Mr. A Dr.
To Sales
To VAT @ 12.5%
*note, VAT is an Indirect Tax, it would be additional to the amount of sale/Purchase.
Thanks..
CMA Sonu...
(Asst. Manager - Finance)
(158 Points)
Replied 07 November 2011
| Originally posted by : Devendra | ||
|
|
Following entries to be passed:- 1) In case Goods returned Sales A/c Dr. 8889 VAT A/c Dr. 1111 To Mr. A A/c 10000 [Being goodsa retuned by Mr. A] 2) In case of goods sold to Mr. A Mr. A A/c Dr. 10000 To Sales A/c 8889 To Output VAT A/c 1111 [Being Goods sold to Mr. A] Regards, Devendra K |
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VAT is an Indirect Tax, it would be additional to the amount of sale/Purchase.
Ravi Arora
(Accounts Executive)
(33 Points)
Replied 08 November 2011
Agreed With Rajkumar, keep it simple...........
Narender Yadav
(Accounts Manager)
(65 Points)
Replied 08 November 2011
i agree with Mr Raj Kumar. Its Simple,
Narender Yadav
(Accounts Manager)
(65 Points)
Replied 08 November 2011
Will anybody plz tell me about the rate of PF & Esic on Salary Deduction.
& what is the use of St - 38 & Vat C -4 .
Thanks
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 11 November 2011
Hi,
PF needs to be deducted @ 12% of the Basic salary+DA from the employees salary & Employer also contributes the same percentage. However out of the employers contribution 3.67& goes to PF & the balance goes to pension fund
With effect from May2010, the limit for ESI is being increased to Rs.15k. If the gross salary exceeds this limit then no ESI needs to be deducted. The ESI is calculated @ 1.75 of the gross salary & the employer also contributes 4.75 of the gross salary of the employee.
Naveen Ravella
(Program Management)
(33 Points)
Replied 14 November 2011
| Originally posted by : Bhavesh C. Vyas | ||
|
|
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Every on saying about the sales entry wat abt the purchase entry.
We need to pass purchase entry also
Purchase A/C DR 7,000/-
To Cash A/C 7,000/-
Hemanth Sai
(CA-FINAL,AUDIT TRAINEE)
(110 Points)
Replied 14 November 2011
If the price is inclusive of Vat then:
1) In case of Goods returned
Sales A/c Dr. 8772
14%VAT A/c Dr. 1228
To Mr. A A/c 10000
[Being goodsa retuned by Mr. A]
2) In case of goods sold to Mr. A
Mr. A A/c Dr. 7000
To Sales A/c 6140
To Output 14%VAT A/c 860
[Being Goods sold to Mr. A]
Or a net entry may b passed as below:
Sales a/c 2632
14%vat tax 368
To A a/c 3000
(beinf sales return received and adjusted with the new sales made to Mr.A)
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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